Japan's Finance Minister Says Government Won't Intervene in FX Market

Japan’s Finance Minister Kaoru Yosano said that the government does not plan on intervening in the foreign exchange market, in a speech given in Tokyo just 20 minutes ago. In previous years the government had been known to sell the Yen in an effort to keep it artificially weak. Such measures were taken in order to prop the Asian country’s much needed export sector.

In the minutes following the statement Yen gained significant strength. USDJPY for example hit lows last seen on two months ago as the notion that the government would sell the currency was dampened.