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4 Oct 2023
Japan’s Top FX Diplomat Kanda: Any intervention would not target forex levels but volatility
Japan's top currency diplomat Masato Kanda is back on the wires in Asian trading on Wednesday, noting that “any intervention would not target forex levels but volatility.”
Key quotes
No comment on whether I discussed weak Yen with PM Kishida.
It's normal for authorities not to comment on whether they intervened or not.
Duration of excessive moves could be over one week or beyond that, when asked what constitutes excessive moves in forex market.
If one-sided moves persist for long time, that could be considered as excessive moves.
We are acting in accordance with G7, G20 agreement on forex, when asked about smoothing operations.