There really isn’t much meat in this from Japan finance minister Suzuki, pretty weak stuff:
- G20 chair Indonesia likely to issue a summary of this meeting’s discussion at a later date
- G20, in chair summary, likely to say many currencies have moved significantly this year with increased volatility, reaffirm fx commitment
- There was no discussion at G7 on what coordinated steps should be taken to address market volatility
- Want to take appropriate action vs excess fx volatility , when asked whether Japan could intervene to prop up yen
- Did not hold bilateral meeting with US Treasury Secretary Yellen this time
- US has shown clear understanding toward Japan’s fx intervention last month
USD/JPY not doing a real lot here after its substantial swings overnight:
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