Japan finance minister Suzuki with some verbal JPY intervention.

• cannot tolerate excessive fx moves driven by speculators
• closely watching the fx market with a sense of urgency
• won’t comment on whether conducting stealth fx intervention
• will respond appropriately to excessive fx moves
• generally speaking, there are times when we disclose the fact that we intervened in the FX market but there are other times we do not

The words ‘excess’ and ‘speculative’ are key words. There are others:

Suzuki said similar on Monday.

Coming up a little later will be further verbal intervention from: