25 September 2001, 08:57 Japan to continue forex intervention if appropriate - MoF senior official
TOKYO (AFX-ASIA) - The Ministry of Finance will continue to
intervene in the foreign exchange market if appropriate and is not
concerned over the amount of yen it may need to buy dollars, a senior
ministry official said.
"The government has not changed its stance towards taking
appropriate action in the forex market if necessary," the official told
AFX-Asia on condition of anonymity.
"We are able to gain any amount of yen we need for intervention in
the money markets. Our dollar buying action won't affect US efforts to
increase liquidity because the size of their liquidity provision is
massive," he said.
The official said his guess is that the intervention has so far
totalled less than 1 trln yen.
"Next week, G7 vice finance ministers will meet ahead of the full
G7 ministerial-level meeting, which I think will be held on Oct 6 or
13," the official added.
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