Japan, US remain at loggerheads over yen policy
Japan and the United States remained at loggerheads over exchange-rate policy on Friday with Washington saying yen moves continued to be “orderly,” signaling that Tokyo has no justification to intervene in the market to stem yen gains.
Japanese Finance Minister Taro Aso reiterated Tokyo’s view that excessive and disorderly currency moves were undesirable, making it clear authorities won’t hesitate to step into the market if they consider any yen spike as out of line with economic fundamentals.
“In line with previous commitments by G7 and G20, I said stability in exchange rates is extremely important as excess volatility and disorderly movements would hurt the economy,” Aso told reporters after meeting Group of Seven (G7) finance leaders in Sendai, northeast Japan. Read more