{"id":1637577,"date":"2022-09-09T11:23:24","date_gmt":"2022-09-09T15:23:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1637577"},"modified":"2022-09-09T11:23:41","modified_gmt":"2022-09-09T15:23:41","slug":"bojs-kuroda-weighs-in-to-warn-against-rapid-yen-moves","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bojs-kuroda-weighs-in-to-warn-against-rapid-yen-moves\/","title":{"rendered":"BOJ\u2019s Kuroda weighs in to warn against \u2018rapid\u2019 yen moves"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbojs-kuroda-weighs-in-to-warn-against-rapid-yen-moves%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1637577&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Kantaro  Komiya and Tetsushi Kajimoto<\/p>\n<p>TOKYO (Reuters) -Bank of Japan Governor Haruhiko Kuroda said rapid yen moves were undesirable after a meeting with Prime Minister Fumio Kishida on Friday, joining a chorus of policymakers lobbing verbal warnings over the currency\u2019s recent sharp drop to 24-year lows.<\/p>\n<p>\u201cSharp currency moves are undesirable as they destabilise corporate business plans and heighten uncertainty,\u201d Kuroda told reporters after the meeting, which he described as an occasional catch-up by the two sides to discuss broad economic and financial matters.<\/p>\n<p>\u201cWhen the yen is moving 2 to 3 yen per day, that\u2019s a rapid move,\u201d Kuroda said, when asked about the Japanese currency\u2019s recent fluctuations.<\/p>\n<p>The dollar jumped more than 2 yen on both Tuesday and Wednesday of this week, reaching 144.99 per dollar \u2013 its highest since August 1998 \u2013 before stabilising.<\/p>\n<p>Kuroda\u2019s remarks helped to knock the dollar to its biggest one-day drop against the yen in a month, although the U.S. currency also retreated against other major currencies after a feverish climb in the dollar index to a 20-year high.<\/p>\n<p>Japan\u2019s currency is particularly vulnerable while the Bank of Japan sticks to its policy of near-zero interest rates, focused on bolstering the economy while the central banks of other major developed economies hike rates to rein in inflation.<\/p>\n<p>Verbal sabre-rattling is seen as one of the few viable near-term options for Japan to counter the yen\u2019s marked weakness, which is boosting the cost of fuel and other vital imports.<\/p>\n<p>\u201cWe will watch exchange rate moves carefully,\u201d Kuroda told reporters after his Friday meeting with Kishida.<\/p>\n<p>He added that, while he discussed market developments including currency moves with the premier, he did not receive any specific policy requests.<\/p>\n<p>\u201cBy summoning Kuroda, the premier wanted to deliver a message that he is concerned about sharp yen falls,\u201d said Makoto Noji, chief foreign exchange strategist at SMBC Nikko Securities.<\/p>\n<p>\u201cBoth know all too well that the weak yen stemmed from broad dollar gains, which no one can resist,\u201d he said. \u201cWhile maintaining a fighting stance, Japan has no choice but to wait until the U.S. tightening cycle comes to a halt, once it has cooled down the economy.\u201d<\/p>\n<p>The dollar fell to 143.10 yen following Kuroda\u2019s remarks and extended that drop as far as 142.43. It was last down about 1% at 142.60.<\/p>\n<p>\u201cKuroda\u2019s remarks somewhat triggered the decline, which I suspect were likely caused by repositioning among retail foreign exchange investors and rebalancing of pension funds such as GPIF (Japan\u2019s Government Pension Investment Fund),\u201d Noji added.<\/p>\n<p>Prior to Kuroda\u2019s remarks, Finance Minister Shunichi Suzuki said on Friday that the government would not rule out any options on foreign exchange moves, repeating a warning by the country\u2019s top currency diplomat, vice finance minister for international affairs Masato Kanda, on Thursday.<\/p>\n<p>\u201cWe\u2019ve seen a rapid heightening of market volatility against the background of speculative moves,\u201d Suzuki told reporters, adding that authorities were \u201cvery concerned\u201d about such moves.<\/p>\n<p> (Reporting by Tetsushi Kajimoto and Kantaro Komiya, additional reporting by Daniel Leussink, writing by Leika Kihara; Editing by Chang-Ran Kim and Edmund Klamann)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2746996\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8803G-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8803G-VIEWIMAGE\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2746998\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8805U-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8805U-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Kantaro Komiya and Tetsushi Kajimoto TOKYO (Reuters) -Bank of Japan Governor Haruhiko Kuroda said rapid yen moves were undesirable after a meeting with Prime Minister Fumio Kishida on Friday,<\/p>\n","protected":false},"author":66,"featured_media":953585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1637577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1637577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1637577"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1637577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/953585"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1637577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1637577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1637577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}