Japan Finance Minister says Tokyo is closely communicating with U.S. on FX moves

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Speaking to reporters after a cabinet meeting, Suzuki stressed the importance of stable currency moves, saying rapid moves were undesirable.

“The government is closely watching currency moves, including the recent yen weakening, and its impact on Japanese economy with a sense of urgency,” Suzuki said.

The Group of Seven (G7) advanced economies have agreed to have exchange rates set by markets, to closely consult on action in the currency market and have acknowledge that excess volatility and disorderly moves can have adverse effects on economic and financial stability.

“Based on the G7 agreement, we’ll respond appropriately while closely communicating with currency authorities of the United States and others,” Suzuki added.