In his first acknowledgment of a record intervention in the currency market, Japan¡¯s finance minister has defended the government action.
¡°We intervened in the market to counter excessive FX moves, which were driven by speculation,¡± Finance Minister Shunichi Suzuki told reporters Tuesday. ¡°From that standpoint, we believe that it had a certain effect.¡±
Suzuki¡¯s remarks were the first from any official since his ministry disclosed figures Friday that show it spent ?9.8 trillion ($62.7 billion) to prop up the yen between April 26 and May 29.
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