Japan’s Chief Cabinet Secretary Yoshihide Suga: ready for decisive action when excessive volatility in currency markets
Government pay close attention to market development, we have been well prepared to respond; if necessary, carry out foreign exchange intervention is an option.
(When asked about the negative interest rate) if the Bank of Japan measures can help improve the economy, the Bank of Japan will benefit. By the Bank of Japan to decide on the specific easing. Without prejudice to the independence of the Bank of Japan’s decision it is very important. The central bank will consider what measures to achieve the policy objectives in the September policy assessments.
Strong economy will boost tax revenue and help fiscal consolidation. While the delay raised the consumption tax, but still committed to achieving a primary budget target for fiscal year 2020.
In the case of government and central bank policy coordination, we believe abenomics will play an active role.
Based on the Bank of Japan’s assessment of the economy and prices, the government will make the greatest efforts to achieve the goal of price stability. Government and central bank will work together to combat deflation. Would be ready to take decisive action when excessive volatility in currency markets. We will work together to deal with excessive foreign exchange movements and G7.