Japan to work with counterparts on excessive FX moves, says finance minister

JAPANESE authorities will work closely with overseas counterparts to deal with excessive volatility in the foreign exchange market, Finance Minister Shunichi Suzuki said on Tuesday.

“We are watching market moves with a high sense of urgency,” Suzuki told a regular post-cabinet meeting news conference, adding that Tokyo authorities were ready to take action “without ruling out any options” against excessive currency moves.

Finance leaders from the United States, Japan and South Korea agreed to “consult closely” on foreign exchange markets in their first trilateral finance dialogue last week, acknowledging concerns from Tokyo and Seoul over their currencies’ recent sharp declines. REUTERS