Japan chief Cabinet secretary: Ready to take necessary steps if current FX moves

• Watching FX moves with high sense of urgency
• Sharp, one-sided moves reflect speculation
• Sharp fluctuations are not desirable
• Important for FX to move stably reflecting economic fundamentals

These comments aren’t anything new but once again they are coming as USD/JPY came close to clipping the 145.00 mark earlier in the day. This is the second time he is making such remarks today and the frequency of the jawboning is helping to pin down USD/JPY to 143.50 levels at the moment – after having traded to a high of 144.95 in Asia.