Reuters reports that Bank of Japan board member Makoto Sakurai said that effective and quick policy coordination among major economies have helped keep currencies stable despite the shock caused by the coronavirus pandemic.

The yen spiked against the dollar during the global financial crisis in 2008 because the extent of monetary easing by the BOJ was much smaller than the quantitative easing policy deployed by the U.S. Federal Reserve, Sakurai said.

This year, major economies have implemented large-scale stimulus measures as the spread of COVID-19 has brought about a global depression, Sakurai said.

"What is noteworthy about the current response is that policy coordination between governments and central banks in major economies and close cooperation among major central banks ... have been established quickly and are functioning effectively," Sakurai said.

"As a result, despite some temporary swings, exchange rates between the major economies have remained stable," he added.