Japan FinMin Warns of Stronger Yen Risks

Japanese Finance Minister Taro Aso warned market players against pushing up the yen too much further, saying that its spike against the dollar overnight was “rough” and undesirable for the economy.

Aso said that while there was no immediate plan for G20 and G7 nations to take coordinated action against the current markets turmoil, global financial authorities were in frequent contact with each other on market developments.

“I would say they are rough, rather than rapid,” Aso told reporters after a cabinet meeting on Tuesday, when asked about the yen’s spike against the dollar in New York on Monday.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza