Japanese Finance Minister Yoshihiko Noda on Friday repeated that he was closely watching yen moves, signalling Tokyo's readiness to continue with its yen-weakening intervention that media said reached a record 4 trillion yen ($50.6 billion).
Fiscal and economic woes in Europe and the United States pushed up the yen near record highs as investors sought the currency as a safe haven, prompting Japan to intervene in the foreign exchange market and ease monetary policy to relieve pain in the export-reliant economy.
Below are key quotes from Japanese policymakers on Friday on the yen, intervention and the economy:
FINANCE MINISTER YOSHIHIKO NODA, in news conference:
"There's no change to our basic stance that we want to monitor markets closely. It's better to wait for a little while before judging the impact of intervention.
"Of course, we have to watch currencies, but the Dow fell a lot, so today I also want to watch the stock market.
(Asked about the cool reception that officials in Europe and the United States have given to Japan's yen-selling intervention)
"We are communicating, but I won't comment on each country's stance."
(Asked whether the G20 needs to discuss currencies, the sovereign debt crisis and the U.S. economy)
"I agree that these subjects should be discussed. We have the G20 in September. I am sure these subjects will come up at a lot of international meetings. Each problem is important, but how to prioritise these issues is something to discuss from here on in."
ECONOMICS MINISTER KAORU YOSANO, in news conference:
"Japan has moved quickly, just like Switzerland, to show its determination (to fight yen rises). The Bank of Japan has also done the same.
"(Japan, Europe and the United States) need to communicate closely and coordinate policy to prevent pessimism about the global economy from spreading.
"Currency intervention is not meant to continue forever but is meant to be carried out with appropriate timing to magnify its impact ... It's premature to think Japan's intervention was a one-time shot." (Reporting by Leika Kihara, Stanley White and Rie Ishiguro; Editing by Joseph Radford)