Finance Minister Suzuki and Finance Minister Kanda held a press conference at 6:30 p.m. at the Ministry of Finance regarding the decision to intervene in the market by selling the dollar and buying the yen.
Minister Suzuki said, ``We implemented foreign exchange intervention because we cannot overlook excessive fluctuations due to speculation.''
On the evening of the 22nd, the government and the Bank of Japan decided to intervene in the market by selling the dollar and buying the yen in response to the acceleration of the yen's depreciation to the upper 145 yen level to the dollar in the foreign exchange market.
Regarding this, Minister Suzuki and Finance Minister Kanda held a press conference at the Ministry of Finance on the 22nd. We implemented foreign exchange intervention because fluctuations can never be overlooked."
Minister Suzuki said that market intervention has had a certain effect, and said, "We will continue to monitor trends in the foreign exchange market with a high sense of urgency and take necessary measures against excessive fluctuations." .
When asked if he would intervene alone, Minister Suzuki said, "We are in constant contact with the relevant monetary authorities. There is a question of why we are acting alone. I am taking it," and avoided a clear statement.
Regarding the timing of the decision to intervene in the market, he said, "I can't say. Foreign exchange intervention is a sensitive matter, and when considering its future effects, I don't think it should lead to a decision to intervene."
Finance Minister Kanda denies ``judgment of intervention based on exchange rate''
Finance Minister Kanda was asked whether the depreciation of the yen progressed and the exchange rate temporarily exceeded 145 yen to the dollar, which was the reason for the intervention. "We're not thinking about numbers at all. The bottom line is volatility, the degree of volatility."
After that, he said, ``If you move suddenly, you will suffer a great inconvenience that neither households nor companies can adapt.In particular, if it is a speculative problem that deviates from the fundamentals = the basic conditions of the economy, it is necessary to correct it.'' .
In addition, Finance Minister Kanda did not clarify whether the market intervention this time was a single intervention, but he said, "As an ally of the United States, we are really closely discussing not only exchange rates but also various other matters. I can't say if there is, but there is very good communication."