Japan’s Suzuki Says Currency Intervention Had Some Effect
- Yen remains stronger than its weak point of 160.17 to dollar
- It remains under pressure given wide gap in interest rates
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Japan’s finance minister defended the government’s record intervention in the currency market in his first acknowledgment of the action.
“We intervened in the market to counter excessive FX moves, which were driven by speculation,” Finance Minister Shunichi Suzuki told reporters Tuesday. “From that standpoint, we believe that it had a certain effect.”