ICYMI – Japan's Mr. Yen threatened to use the intervention stick again

<p>Japan's Finance Ministry's Vice Finance Minister for International Affairs is Masato Kanda.
</p><ul><li>
He is the MoF official who will instruct the BOJ to intervene, when he judges it necessary.
</li><li>Often referred to as Japan's 'top currency diplomat'.</li></ul><p>I posted before on how intervention is carried out in the yen by the BOJ, this summary via Goldman Sachs:</p><ul><li>FX intervention is carried out under the authority of the Ministry of Finance (MOF).
</li><li>The BoJ conducts FX interventions on behalf of and at the instruction of the MOF. </li><li>The Foreign Exchange Fund Special Account (FEFSA), which falls under the jurisdiction of the MOF, is used for interventions.</li><li> The MOF gives the BoJ specific instructions for FX intervention based on relevant market information provided by the BoJ.</li></ul><p>ICYMI, Kanda had remarks overnight, Justin was quick to jump on them:</p><ul><li><a href="https://www.forexlive.com/news/japans-kanda-it-will-become-noise-if-we-announce-every-fx-intervention-20231019/" target="_self">Japan's Kanda: It will become 'noise' if we announce every FX intervention</a></li><li><a href="https://www.forexlive.com/news/japans-kanda-it-is-normal-not-to-announce-fx-intervention-immediately-after-it-is-done-20231019/" target="_self">Japan's Kanda: It is normal not to announce FX intervention immediately after it is done</a></li></ul><p>I can't say I am a fan of his constant headlining. But, hats off to him for holding USD/JPY under 150 for so long with little more than threats and innuendo. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.