Japan finance minister Kato:
- Won’t comment on forex levels
- Important for currencies to move in stable manner reflecting fundamentals
- Alarmed over FX moves, including those driven by speculators
Don’t be fooled by his reference to ‘FX’ levels and moves – he is talking about the yen specifically.
Its been a wild ride for the yen over recent days, Kato would like the currency to trade in a more stable fashion.
On other matters:
- Aware of reported plan on new tax, no specific plan in mind to use this as a new funding source
- Believe the ruling parties, opposition will deepen discussions on funding source as they plan to abolish gasoline surcharge tax
- Interest rates are determined by various factors
- Will closely monitor JGB market movements, will pursue appropriate debt management
- Discussing how to request debt servicing costs for budget next fiscal year
This article was written by Eamonn Sheridan at investinglive.com.
