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- FOREX NEWS :: Dollar steady after short- covering rally
- Japan boosts FX monitoring, creates $100 bln credit line
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Japan boosts FX monitoring, creates $100 bln credit line
Dated Posted: 2011-08-24
TOKYO, Aug 24 - Japan's government on Wednesday unveiled a $100 billion credit line to prompt companies to invest overseas and said it will boost monitoring of financial institutions' currency positions, in a package of steps to deal with the yen's strength.
Finance Minister Yoshihiko Noda said he hoped the measures will reverse excessive yen rises in the market. But the dollar fell against the yen after the announcement as markets were disappointed there was no explicit mention of currency intervention.
"We are watching more carefully than before whether there is any speculative activity in the market. We won't exclude any options and will take decisive action when necessary," Noda told a news conference to announce the measures.
"We decided to compile the package to show our strong determination that we will act if current yen rises persist, or if the yen rises further," he said.
The Bank of Japan said it hopes the government steps will help stabilise currency markets.
"The BOJ will continue to carefully watch how currency moves will affect the economic and price outlook," the central bank said in a statement.
The credit facility, to be in place for one year, will make use of dollar funds in Japan's foreign reserves and is aimed at facilitating companies' acquisitions of overseas firms and energy resources, a Ministry of Finance statement said.
The government will also ask major financial institutions to report on foreign exchange positions held by currency dealers until the end of September in a bid to strengthen monitoring of markets and ensure their stability, it said.
Asked if the result of the monitoring could lead to any action against financial institutions, Noda only said that would depend on the outcome and that the initial goal was to gain more information about markets.
Tokyo intervened unilaterally in the currency market and eased monetary policy on Aug. 4 but the steps have not stopped investors from seeking the yen as a safe haven against risk.
Markets are bracing for another round of intervention but doubt whether it would be effective in weakening the yen, particularly with little chance that Tokyo can persuade its Group of Seven counterparts to act jointly in the currency market.
Noda said there were no advance consultations with the G7 members on the package, which is focused on domestic measures.
He repeated that the government will work closely with the BOJ to ease the pain on the economy from recent yen rises.
The BOJ will consider easing monetary policy, possibly before its rate review on Sept. 6-7, if sharp yen rises push down stock prices enough to severely hurt business sentiment, sources familiar with the central bank's thinking have said.
Source: Reuters
