Japanese Finance Minister Masajuro Shiokawa was reported saying he does not see currency moves as a special problem and that the recent sharp rise in the yen is a temporary move. The comments accelerated the yen rally as FX traders read them as reflecting complacency with yen strength. Later, the Finance Minister added he was paying attention to the FX market but could not comment on daily moves. He was also reported saying he was unaware if the BOJ had intervened and that there was no change in the view FX moves should be left to the market. Japanese Economics Minister, Heizo Takenaka was reported saying he hopes FX levels will reflect prospects for Japanese reforms. BOJ policy board member, Susumu Taketomi reportedly said he expects the Japanese economy to be in an adjustment phase in Apr-Sep 2001. He also added it was important to watch the effect of quantative easing before mulling further easing.