Japan finance minister says FX intervention in July was effective

• Rapid FX moves are undesirable
• Important for currencies to move in stable manner, reflecting fundamentals
• Intervention was response to speculative move and excessive volatility

I would argue that it was only effective as the BOJ also delivered on their part of the bargain. Otherwise, it would have been a repeat story to previous intervention attempts by Tokyo.

This article was written by Justin Low at www.forexlive.com.