Govt., Boj Agree To Act On Currency Moves

Govt., BOJ agree to act on currency moves

The Japanese government and the Bank of Japan held an emergency meeting on Monday to discuss the yen's surge and falling stock prices.

The meeting brought together senior officials from the BOJ, the Finance Ministry and the Financial Services Agency.

The participants agreed that there is growing concern that trade friction between the US and China will further intensify.

They also said they will closely monitor global trends. Some said that the future direction of monetary policy in the US is one factor for consideration.

Vice Minister of Finance for International Affairs, Yoshiki Takeuchi, said: "Excessive moves in foreign-exchange rates are not desirable. I won't comment on the possibility of currency intervention. But it is necessary to take action based on the G7 and G20 agreements if there is negative impact from currency movements".

The official added that those at the meeting agreed that the global and Japanese economies are now in a stable situation.