Japanese finance minister shares views on currency fluctuations at G20 meeting in Washington

The Yomiuri Shimbun

17:02 JST, October 14, 2022

WASHINGTON — Finance Minister Shunichi Suzuki shared his views on the recent currency fluctuations and the need for appropriate measures at a two-day Group of 20 meeting of finance ministers and central bank governors in Washington that ended Thursday.

At a press conference after the meeting, Suzuki said, “We shared an understanding that many currencies have fluctuated significantly,” in the wake of the dollar’s rally in the foreign exchange market.

In September, the government and the Bank of Japan intervened in the currency market to curb the yen’s sharp decline.

Suzuki said he explained the move at the meeting and reaffirmed the G20’s agreement that excessive currency fluctuations harm economies.

In a bid to restrain the market, Suzuki said, “We want to take appropriate measures against excessive fluctuations,” regarding the recent depreciation of the yen.

A ministry official accompanying Suzuki stopped short of saying whether Japan would intervene in the currency market again.

Bank of Japan Gov. Haruhiko Kuroda presented Japanese price trends at the meeting and explained that the central bank plans to continue monetary easing.

“Raising interest rates now is not necessary or appropriate,” Kuroda said at Thursday’s press conference.