Ex MoF ‘crat says Japan has tools to smooth out yen moves (not control levels)

Reuters with remarks from former top finance ministry bureaucrat Yasushi Kinoshita on Monday:

• “Currency intervention cannot and isn’t intended to move the yen significantly up and down, or keep it at a certain level for a sustained period of time”
• “Rather, it’s aimed at preventing speculators from triggering volatile moves”
• “Japanese authorities are armed with the wisdom and various tools to fight speculators”

Reuters add that said Kinoshita is seen as a candidate to join the Bank of Japan’s leadership next year.