HIGHLIGHTS-Key quotes from Japan policymakers on yen, economy

TOKYO, Oct 26 (BestGrowthStock) – Japanese Finance Minister Yoshihiko
Noda said on Tuesday that yen moves the previous day, following a
Group of 20 finance leaders’ meeting, seemed one-sided and he was
watching market moves with great interest.

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More stories on Japan’s economy [ID:nECONJP]

PDF report on G20 uneasy truce: http://r.reuters.com/nan99p

PDF report on currencies: http://r.reuters.com/gez77p

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Following are key quotes by Japanese policymakers on
currencies and the economy.

FINANCE MINISTER YOSHIHIKO NODA, in parliament

“As the G20 finance ministers called for vigilance against
excess volatility and disorderly currency moves, this marked a
certain degree of progress from previous meetings …

“Japan will take decisive steps in the currency market when
needed. This stance about intervention is unchanged … The
government will cooperate with the Bank of Japan … to beat
deflation and cope with the yen’s rise.

“When there are excessive and disorderly currency moves,
Japan will cooperate accordingly with other countries. While
there are various ways of cooperation, G20 nations have shifted
from merely recognising the harm of excessive and disorderly
moves to acknowledging the need to act against (market moves)
that could have adverse effects …

“There is no change to Japan’s stance of taking decisive
action in markets when necessary. As for what can be done
cooperatively, that’s something that will involve other countries
so will be determined at the time … If problems arise, we hope
to seek appropriate cooperation from other countries …

“Japan’s intervention (in September) was in response to
excessive currency moves and was not aimed at boosting its
short-term competitiveness … When we intervened in September
the yen was rising on its own. Since then various currencies, not
just the yen, have been rising against the dollar.”

NODA, at news conference

“The G20 said excessive fluctuations and disorderly moves in
exchange rates would hurt economic and financial stability, and
that countries with reserve currencies, especially the dollar,
euro and yen, would cooperate as appropriate while closely
watching market moves. That is the meaning of being vigilant.

“I hope this will have an effect (on the market) although I
wonder how much of an announcement effect (the statement) had on
the market …

“Yesterday’s moves were one-sided. I would like to watch
today’s moves closely … We continue to watch currency moves
with great interest.”

ECONOMICS MINISTER BANRI KAIEDA, at news conference

“Speculators seem to be selling the dollar before the FOMC
meeting … Excessive intervention should be avoided but the
government can be allowed to do so if currency moves are volatile
and one-sided.”
(Reporting by Leika Kihara and Rie Ishiguro; Editing by Michael
Watson)

HIGHLIGHTS-Key quotes from Japan policymakers on yen, economy