Japan Resumes Intervention Drumbeat After Yen’s Best Day in May
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Japanese Finance Minister Taro Aso is letting the currency market know what he considers to be excessive moves that could push the government toward intervention for the first time since 2011.
A two-day move of 5 yen in either direction would be considered one-way and lopsided, Aso said in parliament on Tuesday, adding that the government has no intention of further lowering the currency to boost competitiveness and absolutely no intention of devaluing the yen in a sustained manner. The last time the yen strengthened about 5 yen versus the dollar in two days was after the Bank of Japan left policy unchanged April 28.