Japan’s FX czar Asakawa: Excess FX swings hurt economy

TOKYO, May 16:   Japan’s top currency diplomat Masatsugu Asakawa said excess volatility in currency markets may have adverse effects on the economy, the Nikkei newspaper reported on Monday, signalling Tokyo’s readiness to intervene in the currency market if yen rises were excessive. The Group of Seven and Group of 20 nations have repeatedly discussed how to deal with disorderly currency moves, Asakawa told Nikkei in the interview, indicating it was a shared understanding that countries are entitled to intervene in the currency market if exchange-rate moves were excessive.  (AGENCIES)

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