Mimura Atsushi (三村淳), Vice Minister of Finance for International Affairs, said that the government would remain on a state of readiness in responding to the foreign exchange market. He indicated that communication with U.S. authorities would continue after the G20 Finance Ministers and Central Bank Governors Meeting.
According to a Bloomberg report, Mimura Atsushi (三村淳), Vice Minister of Finance for International Affairs, stressed that the government’s state of readiness in responding to the foreign exchange market remained unchanged. In response to questions from reporters, he said that nothing had changed in the government’s stance and stated that it had continued communicating with U.S. authorities after the G20 Finance Ministers and Central Bank Governors Meeting ended.
The yen was trading in the upper 155 range against the dollar that morning, and during overseas trading there was a point when it rose to the 155.30 range. Market attention focused on the yen’s movements amid expectations that the Bank of Japan could accelerate interest rate hikes and developments in expectations for U.S. rate hikes.
The government and the Bank of Japan conducted yen-buying intervention on 30 July, followed by coordinated intervention by Japan and the United States on 31 July. Amid heightened market tension, government officials indicated that they were prepared to respond as necessary.