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Japan’s solo FX intervention won’t be that effective
Abstract：Japan lacks effective means to combat the yen’s sharp falls, as intervening unilaterally in the currency market will likely have a limited impact in reversing its downtrend, Satsuki Katayama, head of a ruling party panel on financial affairs, said.
“Solo currency intervention wont be that effective” in stemming sharp yen falls, which are driven by the interest-rate gap between the United States and Japan, she told Reuters.
Raising Japan‘s ultra-low interest rates would also be difficult given the impact that could have on the country’s 550 trillion yen ($3.84 trillion) of bank loans, Katayama, chairperson of the Liberal Democratic Partys (LDP) research commission on finance and banking systems, said on Wednesday.
A former Ministry of Finance (MOF) official, Katayama has deep expertise on financial markets.
Japanese authorities on Wednesday signalled the chance of intervening to prop up the yen by conducting a rate check with banks, though many analysts doubt Tokyo will actually step in due to the difficulty of convincing its G7 counterparts.
($1 = 143.3300 yen)
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