Japan's Kanda reappointed as top FX diplomat amid markets jitters
Reuters
Published Jun 16, 2022 09:09PM ET
Updated Jun 16, 2022 10:05PM ET
By Tetsushi Kajimoto
TOKYO (Reuters) -Japan has reappointed Masato Kanda as vice finance minister for international affairs, the country's top currency diplomat, as part of a mid-year personnel reshuffle, the Ministry of Finance said on Friday.
The government wants to stabilise financial markets as the yen hits 24-year lows - beyond 135 to the dollar - this week and rising bond yields heap pressure on the Bank of Japan's yield curve control.
Kanda would oversee currency intervention to prevent excess volatility from hurting economic and financial stability, amid speculation that Tokyo may sell the dollar to buy yen.
Under Kanda, Japan would host gatherings of financial leaders from the Group of Seven advanced nations next year in the run-up to the G7 leaders' summit.
Kanda is also tasked with coordinating with the broader G20 finance chiefs to respond to the COVID-19 pandemic, and tackle global tax and emerging-market debt.
The appointment will take effect June 24 after approval from Prime Minister Fumio Kishida's cabinet.
Japan has not conducted dollar-selling intervention to back the yen since 1998 and it has stayed out of the market since the aftermath of the 2011 earthquake and nuclear crisis.
Kanda is known for his broad international experience and close ties with policymakers, having worked with the BOJ as deputy vice minister for policy planning and coordination.
Kanda is close to BOJ Governor Haruhiko Kuroda, who was vice finance minister for international affairs for 3-1/2 years to January 2003. Both Kanda and Kuroda graduated from the prestigious University of Tokyo and studied at the University of Oxford.
The government's annual reshuffle also named Eiji Chatani as administrative vice finance minister - the top bureaucrat at the finance ministry - to replace Koji Yano, the ministry said.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.