Hosokawa says FX moves should reflect fundamentals

Japan's Ministry of Finance will closely watch foreign exchange rate movements and take action if needed, the ministry's top bureaucrat said Thursday 20 October.

"I won't comment on daily currency rate movements, but they should basically move stably reflecting economic fundamentals," Vice Finance Minister Koichi Hosokawa told a regular press conference.

Hosokawa said Japanese monetary authorities are ready to take action in the currency market "if necessary," but didn't comment on what kind of