Japan’s top FX diplomat Kanda: Will take appropriate steps vs excessive yen moves

TOKYO : Japan’s top currency diplomat Masato Kanda said on Wednesday authorities will take appropriate steps against excessive moves in the yen, without ruling out any options.

One-sided, big moves in the yen would be considered “excessive,” said Kanda, who is Japan’s vice finance minister for international affairs, adding that he would not comment on whether Tokyo intervened in the exchange-rate market overnight to prop up the yen.

Kanda said he will not comment on whether the overnight yen moves were excessive.

The yen strengthened sharply against the dollar overnight on Tuesday, leading some market participants to believe Japanese policymakers had intervened to support the currency, although others said the size of the move was not convincing enough.