An official at Japan’s Finance Ministry said Thursday, the recent FX moves are 'extremely worrying'.
Additional comments
Important for forex rates to move stably reflecting fundamentals.
Excess FX volatility is undesirable.
Will take appropriate action if needed.
Communicating closely with BOJ, currency authorities of other countries.
Market reaction
In an immediate reaction to the Japanese jawboning, USD/JPY dropped nearly 65 pips to 130.20 before recapturing 130.50.
The spot is currently trading at 130.56, up 1.65% on the day, having hit 131.00 for the first time in 20 years in the last hour.