Japan’s Matsuno: Important to keep enough FX reserves to support own currency
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Japan Chief Cabinet Secretary Matsuno said on Wednesday that it is “important to keep enough foreign reserves to support own currency in case of sharp and excessive market volatility.
His comments come after the Kyodo News Agency reported that Japan will likely spend JPY25.1 trillion ($170 billion) in its upcoming economic stimulus package.
The relentless sell-off in the US dollar is driving most G10 currencies higher, as USD/JPY is dropping 0.51% on the day to 147.15, at the press time.
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