Kanda, Japan's chief currency diplomat, says:
- Excessive forex movements are undesirable, so need to be monitored.
- He told the G7 that they must respond appropriately to excessive erratic foreign exchange movements.
- Japan is ready to take appropriate action in the event of excessive movements in the foreign exchange market
- I will not comment on the yen's recent movements.
- I am always in close contact with my counterparts abroad. Especially with the United States
- If there is excessive currency fluctuations that have a negative impact on the economy, intervention is necessary and justified
- Japan is ready to take necessary measures at any time if necessary
- We are still working on the G7 statement but hope to include language on foreign currencies
USDJPY rose during the week, but stopped at a target area near 157.20. The current price is trading at 156.89. This week's low was 155.48 reached on Monday. The price remains above the bullish 100 hourly moving average at 156.56. Staying at the top will keep buyers in control.
This article was written by Greg Michalowski at www.forexlive.com.