Economic news

Japan finance minister says forex intervention should be done in restrained manner

2024.06.06 21:45

TOKYO (Reuters) – Finance Minister Shunichi Suzuki said on Friday that recent foreign exchange intervention was conducted to contain excessive volatility, but such action should be done in a restrained manner.

“Foreign exchange intervention should be done with its necessity and effectiveness taken into account,” Suzuki said, speaking in a regular post-cabinet meeting news conference.

Data from the Ministry of Finance showed last week that authorities spent 9.79 trillion yen ($62.85 billion) intervening in the market to support the yen over the past month.

On Friday, data from the ministry showed that Japan’s foreign reserves fell to $1.23 trillion at the end of May, down $47.4 billion from a month earlier.

© Reuters. FILE PHOTO: Japanese Finance Minister Shunichi Suzuki on the sidelines of the IMF/G20 meetings at the U.S. Treasury in Washington, U.S., April 17, 2024.  REUTERS/Kevin Lamarque/File Photo

Suzuki said that the drop partly reflected the intervention.

($1 = 155.7800 yen)



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