In a press brief following the Japanese government's intervention in the forex market, Japanese Finance Minister Shunichi Suzuki said that they were concerned about excessive fx moves and noted that they cannot be overlooked, per Reuters.

Suzuki refrained from commenting on the size of the intervention and didn't comment on whether it was a solo act.

"We will take necessary steps against excessive moves," Suzuki reiterated. "We are always closely in touch with currency authorities of other countries."

Meanwhile, Japan's top currency diplomat Masato Kanda told reporters that forex action can be taken "any day, anywhere, including on holidays."

Market reaction

USD/JPY recovered modestly after these comments and was last seen trading t 142.80, where it was still down 0.85% on a daily basis.

Additional takeaways

"Fx intervention having intended effects so far."

"Decided to intervene by examining overall trend."

"Must respect Bank of Japan's independence."

"Shared view with BoJ that recent volatility, one-sided fx moves are undesirable."

"Intervention can't be tied to specific currency level, will watch overall trend."