Japan stands ready to take "decisive" steps in the foreign exchange market if excessive yen moves persist, Finance Minister Shunichi Suzuki said on Monday, in a fresh warning against investors selling off the Japanese currency.
The Australian and New Zealand dollars gained ground on Monday ahead of expected rate hikes from their respective central banks later in the week, while the dollar slipped against a basket of currencies.
The Australian and New Zealand dollars gained ground on Monday ahead of expected rate hikes from their respective central banks later in the week, while the dollar slipped against a basket of currencies.
Gold prices edged higher on Monday on a softer dollar, although central banks worldwide retained their aggressive monetary policies to tackle soaring inflation, limiting gains for safe-haven bullion. FUNDAMENTALS. * Spot gold was up 0.3% at $1,665.29 per ounce, as of 0115 GMT.
Japanese Finance Minister Shunichi Suzuki said on Monday the government was ready to take "decisive" steps in the foreign exchange market as needed. "Sharp currency moves are undesirable," Suzuki said in a post-cabinet meeting news conference, referring to the yen's recent sharp declines.
The Swiss franc is not highly valued despite its nominal rise, Swiss National Bank Chairman Thomas Jordan told a Swiss newspaper, adding the central bank intended to be deliberately vague about how it sees the safe-haven currency. "In the past, we referred to the Swiss franc as being highly valued or even significantly overvalued in order to give a signal regarding the need for intervention.
Japan spent up to a record 2.8 trillion yen intervening in the foreign exchange market last week to prop up the yen, Ministry of Finance data showed on Friday, draining nearly 15% of funds it has readily available for intervention.
Japan spent up to a record 2.8 trillion yen intervening in the foreign exchange market last week to prop up the yen, Ministry of Finance data showed on Friday, draining nearly 15% of funds it has readily available for intervention.
* More pain for stocks; S&P500 down nearly 5% in Q3. * Dollar flat, sterling rises after week of turmoil. * Treasury yields tick up, stay near highs for year. * Oil prices retreat. By Lawrence Delevingne.
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