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.

© 1999-2024 Forex EuroClub
All rights reserved