Japan MOF picks Oya to head FX markets divison

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TOKYO, July 16 (BestGrowthStock) – Japan’s Finance Ministry said on
Friday it has appointed Toshio Oya to head its foreign exchange
markets division, which is responsible for currency intervention.

Oya previously worked in the finance minister’s secretariat
in charge of policy coordination for the policy planning and
research division.

He has also worked as a secretary to Prime Minister Naoto Kan
in Kan’s previous posts as head of national strategy and finance
minister.

Oya replaces Tomoyuki Furusawa, whose new position in the
international bureau has yet to be decided, the ministry said in
a statement. The appointment is effective from Friday, the
ministry said.

Japanese government ministries regularly make personnel
changes around the middle of each year.

Japan’s authorities intervened heavily earlier in the decade
to stop a rising yen from harming exports but they stopped doing
so in March 2004 at the end of a 15-month long spree in which
they sold 35 trillion yen ($400.8 billion) to try to shield a
struggling economy.
($1=87.33 Yen)
(Reporting by Stanley White and Sumio Ito)

Japan MOF picks Oya to head FX markets divison