UPDATE 1-Japan Finmin: current fx move different from time of G7 action

Thu May 5, 2011 7:14am EDT

Related Topics

* Noda declines to comment on possibility of intervention

* Dollar extends fall vs yen after finmin remarks (Adds more quotes, background)

By Rie Ishiguro

HANOI, May 5 (Reuters) - Current foreign exchange moves appear to be different from those seen around time of joint G7 intervention in March, Japanese Finance Minister Yoshihiko Noda said on Thursday, but he declined to comment on the possibility of further action.

"The market is moving in a different way from March 18. The dollar is on a weak trend and Japan's markets are closed," Noda told reporters.

"We are closely watching the market."

When asked about the possibility of intervention in case of further yen gains, Noda said, "I cannot answer to a hypothetical question."

After the remarks, the dollar extended its fall to around 79.60 yen , its lowest since March 18, the day the Group of Seven industrial nations intervened to weaken the Japanese currency. The euro fell to 117.98 yen , its lowest since April 19.

Japan's financial markets are shut most of this week for public holidays. (Editing by John Mair)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.