The International Monetary Fund does not have a view on the appropriate level of the yen as the currency's value is determined by market forces, Rahul Anand, its mission chief for Japan, said on Wednesday. "With (Japan's) open economy and open capital account, the yen has been moving around. The Japanese authorities are committed to a flexible exchange-rate regime," he told an online news briefing. The Reuters Inside Track newsletter is your essential guide to the biggest events in global sport. Sign up here. Advertisement · Scroll to continue
"Therefore, the price or the value of the yen is determined by market forces... We don't think there is a right level of the yen," he said. When asked what conditions would warrant Japan to intervene in the currency market to prop up the yen, Anand said: "We cannot speculate on authorities' future actions."
