Japan’s financial officer, Masato Kanda, has refused to discuss whether the government will intervene in foreign exchange as the yen exchange rate experiences fluctuations. The Japanese yen has been depreciating recently, prompting concerns about potential government intervention.
On April 30, Kanda stated that he would not comment on whether the Japanese government has conducted foreign exchange intervention. He emphasized the negative impact excessive market fluctuations caused by speculation could have on people’s lives. Kanda also mentioned that the Japanese government would adhere to international rules and take appropriate responses if necessary.
The exchange rate of the Japanese yen against the U.S. dollar dropped below a record low of 160 yen per U.S. dollar on April 29 before bouncing back later in the day. Sources have suggested that the Japanese government and the Bank of Japan may have intervened in the market to stabilize the exchange rate.
As the situation continues to evolve, Japan’s approach to foreign exchange intervention remains uncertain. Stay tuned for updates on this developing story.