Takatoshi Ito is currently an academic at Columbia University academic: • Was deputy vice minister for international affairs at Japan's finance ministry from 1999-2001 • Was a private-sector member of the government's top economic council for two years until 2008 He spoke with Reuters: • "By hammering speculative moves with intervention, the authorities are trying to generate market expectations that 160 could be the dollar/yen's ceiling" • "When the yen's decline is proceeding gradually reflecting interest-rate differentials, it's hard to change the trend with currency intervention," Ito said. "If the yen's ... (full story)

Japanese authorities likely intervened in the currency market to signal they see 160 yen to the dollar as their line in the sand, Columbia University academic and former finance ministry executive Takatoshi Ito told Reuters on Thursday. "Intervention is effective if conducted in a timely manner," said Ito, who is an associate of former Bank of Japan Governor Haruhiko Kuroda and retains close contact with current Japanese policymakers. "By hammering speculative moves with intervention, the authorities are trying to generate market expectations that 160 could be the dollar/yen's ceiling," he said. Japanese authorities ... (full story)