Japan denies plan to change forex policy

Central Banking staff
17 Mar 2004

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Japanese officials on Tuesday 16 March sought to deflect growing speculation that they could soon scale back their foreign exchange intervention, aimed at preventing a higher yen from stifling an economic recovery.

Asked about the yen's renewed rise, Finance Minister Sadakazu Tanigaki told reporters: ''I am not going to comment on day-to-day moves. But there is no change in our basic stance".

''We are maintaining our policy of taking appropriate actions when there are abrupt movements (in the yen)

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