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Japan warns of need for currency stability as yen falls persist

Friday, January 7, 2022
Japan warns of need for currency stability as yen falls persist © Reuters. FILE PHOTO: Japan's new Finance Minister Shunichi Suzuki wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, speaks at a news conference in Tokyo, Japan, October 5, 2021. REUTERS/Kim Kyung-Hoon

By Tetsushi Kajimoto and Leika Kihara

TOKYO (Reuters) - Japan's Finance Minister Shunichi Suzuki stressed on Friday the need for currency stability and said he was watching market moves "carefully," in the wake of the yen's recent declines against the dollar.

Domestic media and some market participants have warned of the potential demerits of a weak yen, which pushes up import prices and households' cost of living at a time the economy is recovering from the COVID-19 pandemic.

"I won't comment on the currency market itself, but stability (of exchange-rate moves) is important above all," Suzuki told reporters, signalling that Tokyo will escalate its warning if yen falls become too rapid or volatile.

"From that standpoint, we'll closely watch currency market moves and their impact on the Japanese economy," he said, when asked if the weakening yen was negative for the economy.

Suzuki's remarks came as the dollar hovered near a five-year high at 116.355 yen hit on Tuesday, backed by expectations the U.S. Federal Reserve will embark on steady interest rate hikes even as the Bank of Japan keeps rates ultra-low.

Japanese policymakers have traditionally favoured a weak yen, as it gives exporters a competitive advantage overseas.

But BOJ Governor Haruhiko Kuroda said last month the boost to export volume from a weak yen may have declined compared with the past as more Japanese companies shift production abroad.

Kuroda also said the hit to households from a weak yen may have become bigger due to Japan's increasing reliance on raw material imports, offering the most direct acknowledgement yet of the potential disadvantages of a weaker yen.

With wholesale inflation already hitting a two-decade high and driving up the cost of living, further yen declines could become a political pain point for Prime Minister Fumio Kishida ahead of an upper house election looming in the summer.

But Japanese policymakers see little room to intervene in the currency market to arrest the yen's decline, with some conceding that there is good reason for it to soften given Japan's weak economy, waning competitiveness and dire public finances.

"In a way, a weak yen reflects Japan's fundamentals," one ministry said on condition of anonymity, though adding that Tokyo was ready to step in if yen declines become too sharp.

Japan has stayed away from intervening in the currency market since 2011 when devastating earthquakes and the subsequent Fukushima nuclear crisis triggered a spike in the safe-haven yen.

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19-01-2022 14:28:30 (UTC+7)

EUR/USD

1.1348

+0.0022 (+0.20%)

Summary

Neutral

Moving Avg:

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EUR/USD

1.1348

+0.0022 (+0.20%)

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USD/JPY

114.26

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AUD/USD

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 EUR/USD1.1348Neutral
 GBP/USD1.3623Sell
 USD/JPY114.26↑ Sell
 AUD/USD0.7223↑ Sell
 USD/CAD1.2494Neutral
 EUR/JPY129.65Neutral
 EUR/CHF1.0395Buy
 Gold1,841.85↑ Sell
 Silver24.212↑ Buy
 Copper4.4555↑ Sell
 Crude Oil WTI85.90↑ Buy
 Brent Oil88.50↑ Buy
 Natural Gas4.026↑ Sell
 US Coffee C244.00↑ Sell
 Euro Stoxx 504,268.28↑ Buy
 S&P 5004,563.83↑ Sell
 DAX15,809.72↑ Buy
 FTSE 1007,589.66↑ Buy
 Hang Seng24,127.85↑ Buy
 Small Cap 20002,073.75↑ Sell
 IBEX 358,774.90↑ Sell
 BASF67.800Buy
 Bayer52.12↑ Sell
 Allianz223.80Buy
 Adidas253.60↑ Sell
 Lufthansa6.820↑ Sell
 Siemens AG144.34↑ Buy
 Deutsche Bank AG11.784Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(0/ 0) # 1,151
SJC HCM6,115/ 6,175
(0/ 0) # 1,171
SJC Hanoi6,115/ 6,177
(0/ 0) # 1,173
SJC Danang6,115/ 6,177
(0/ 0) # 1,173
SJC Nhatrang6,115/ 6,177
(0/ 0) # 1,173
SJC Cantho6,115/ 6,177
(0/ 0) # 1,173
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