TOKYO: Japan will cooperate with the Group of Seven advanced economies and the International Monetary Fund to help stablise a market rout unleashed by United States tariffs, the country’s top currency diplomat said on Wednesday (Apr 9).
“Cooperation needs to be international to prevent market instability,” Atsushi Mimura told reporters after a trilateral meeting of executives from Japan’s Ministry of Finance, the Financial Services Agency and the Bank of Japan (BOJ).
“We’ve been in discussions urgently through various international and bilateral channels including G7, Asian countries and international organisations like IMF, … and we’ll continue to make utmost efforts to do so,” he said.
Mimura said the government had been “highly alarmed” over foreign exchange movement, including that driven by speculators, noting the market has been volatile recently.
The trilateral gathering is typically held in times of market turbulence, partly as a gesture that authorities are willing to act. A similar meeting was last held in August last year when stocks tumbled across the world.
Source: CNA
