As the yen strengthens, Japan's foreign exchange official says vigilance remains unwavering
Despite the yen strengthening this week, Japan's top foreign exchange official, Atsushi Mimura, stated that the government remains highly vigilant regarding movements in the foreign exchange market.
"We have not let our guard down at all," said Atsushi Mimura, Vice Minister of Finance for International Affairs, to reporters in Tokyo on Thursday morning. "Yesterday's employment data and the subsequent market movements have led to much discussion, including speculation about whether there were inquiries on the exchange rate." He added that he would not comment on such matters.
Atsushi Mimura made these remarks after U.S. employment data far exceeded expectations. The latest figures showed that the U.S. added 130,000 nonfarm jobs in January, twice the median estimate. The data prompted traders to push back expectations for the Federal Reserve's next rate cut from June to July.
On Thursday morning, the yen further strengthened against the dollar to around 153, after starting the week near 157.
"We will continue to monitor market movements with a high sense of urgency, as always, and maintain close communication with market participants," Mimura said. He also emphasized that Japan remains in close contact with the U.S.
Editor in charge: Yu Jian SF069
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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