Japan chief Cabinet secretary Matsuno: FX stability is important

Does not want to comment on FX levelsClosely watching FX moves and potential impact on Japanese economyWill take appropriate steps on FX policy while communicating closely with other currency authoritiesThe final remark is a bit notable as it comes amid a meeting between Yellen and Suzuki here. I still don’t see a real sense of urgency to intervene unless the jump in USD/JPY becomes too wild. But that would mean something along the lines of USD/JPY rising by 3-4% during one trading session. Otherwise, I still think Japanese authorities can tolerate the recent moves albeit they will have to keep up the verbal jawboning.