Japan Finance Minister Mum on Possible Forex Intervention

Tokyo, July 31 (Jiji Press)–Japanese Finance Minister Satsuki Katayama on Friday declined to comment on whether Japanese authorities have intervened into foreign exchange markets to prop up the yen. “I can say nothing about it at this point,” Katayama told reporters at the Finance Ministry after the dollar tumbled nearly 5 yen to below 158 yen in overseas trading Thursday. “We always have a sense of tension,” she added. Atsushi Mimura, vice finance minister for international affairs, also said “no comment” when asked about possible intervention. “It is all about acting appropriately,” he said. U.S. authorities have carried out a rate check, in which officials ask financial institutions about exchange rate levels in preparation for intervention, market sources said. Japan receives “more than just mental support from U.S. authorities,” Mimura said. “I’m constantly communicating with U.S. authorities,” he said. Asked about speculation that Japan is coordinating with South Korea about foreign exchange rates, Mimura said, “We are not in contact only with the United States.” END [Copyright The Jiji Press, Ltd.]