Japanese Finance Minister Shunichi Suzuki made some comments on the yen moves following the conclusion of the G7 meeting.
Additional quotes
Explained to G7 about recent sharp forex moves.
Told G7 important to reconfirm G7 agreement on forex.
Told G7 Japan will respond appropriately to forex moves based on G7 agreement.
Hopes Japan’s view on FX is taken into account in tomorrow’s G7 communique.
Many members voiced concern over inflation risk.
No discussion today on US Proposal to impose tariff on Russian oil.
Separately, a senior Japanese finance ministry official spoke about the economic outlook at the G7 meeting.
Key comments
Japan is communicating closely with G7 counterparts on forex on daily basis.
G7 policymakers must ensure inflation expectations remain anchored.
When interest rates are rising so much, policymakers must be mindful of various risks including fallout for emerging markets.
Today's G7 meeting did not discuss much risk of stagflation or risks from dollar's recent rises.
No plan to hold Japan, US Bilateral finance leaders' meeting tomorrow.
Market reaction
USD/JPY is trading close to daily highs of 128.18, up 0.25% on the day, tracking the rebound in the US dollar across the board.