Japan's Deputy Finance Minister Akazawa promises JPY intervention if excess volatility

<p>
Japan's Deputy Finance Minister Akazawa:
</p><ul><li>Don't have specific
FX level in mind in deciding when to intervene</li><li>Any FX intervention
will be aimed at arresting excess volatility</li><li><p>
We won't intervene just because yen is weakening</p></li></ul><p>And Bank of Japan Governor Ueda weighs in further:</p><ul><li>
Desirable for currencies to move stably reflecting fundamentals</li></ul><p>Earlier this week we had an ex-Ministry of Finance guy saying the yen is trading in line with fundamentals:</p><ul><li><a href="https://www.forexlive.com/centralbank/japan-former-jpy-intervention-official-says-it-would-be-ineffective-to-prop-up-yen-20231116/" target="_blank" rel="follow" data-article-link="true">Japan – Former JPY intervention official says it would be ineffective to prop up yen</a></li></ul><p>We've been saying the same thing over and over again at ForexLive for months. Sheesh.</p><p>—</p><p>And, back to Ueda, more again:</p><ul><li>
It's true consumption in latest gdp data somewhat weak</li><li>Want to gauge
whether consumption continues to recover moderately by looking at
various data</li><li>Service consumption
is rising, but consumption of goods that saw sharp price rises such
as food, daily necessities is somewhat weak</li><li>Key to consumption
outlook is whether wages will continue to rise</li></ul><p>There has been plenty from Ueda today:</p><ul><li><a href="https://www.forexlive.com/centralbank/bank-of-japan-governor-ueda-says-japans-economy-is-recovering-moderately-20231117/" target="_self">Bank of Japan Governor Ueda says Japan's economy is recovering moderately</a></li><li><a href="https://www.forexlive.com/centralbank/more-from-bojs-ueda-on-conditions-for-ending-ycc-and-negative-rates-20231117/" target="_self">More from BOJ's Ueda on conditions for ending YCC and negative rates</a></li></ul><ul><li><a href="https://www.forexlive.com/centralbank/more-from-bojs-ueda-boj-does-not-have-specific-plan-yet-on-how-it-will-sell-etfs-20231117/" target="_self">More from BOJ's Ueda: BOJ does not have specific plan yet on how it will sell ETFs</a></li></ul><ul><li><a href="https://www.forexlive.com/centralbank/bojs-ueda-says-the-weak-yen-has-positives-and-negatives-20231117/" target="_self">BOJ's Ueda says the weak yen has positives and negatives</a></li></ul>

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