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Japan’s Kanda reappointed as top FX diplomat amid market jitters

Japan’s Deputy Finance Minister for International Affairs Masato Kanda poses for a photo during an interview with Reuters at the Finance Ministry in Tokyo, Japan January 31, 2022. Picture taken January 31, 2022. REUTERS/Issei Kato

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TOKYO, June 17 (Reuters) – Japan reappointed Masato Kanda as vice finance minister for international affairs, the country’s top monetary diplomat, in a mid-year staff reshuffle, a announced Friday the Ministry of Finance.

The government wants to stabilize financial markets as the yen hits a 24-year low – past 135 to the dollar – this week and rising bond yields put pressure on yield curve control. the Bank of Japan.

Kanda would oversee monetary intervention to prevent excessive volatility from damaging economic and financial stability, amid speculation that Tokyo could sell the dollar to buy yen.

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Under Kanda, Japan would host gatherings of financial leaders from the advanced countries of the Group of Seven next year ahead of the G7 leaders’ summit.

Kanda is also tasked with coordinating with broader G20 finance chiefs to respond to the COVID-19 pandemic and tackle global taxation and emerging market debt.

The appointment will take effect on June 24 after approval by Prime Minister Fumio Kishida’s cabinet.

Japan has not intervened to sell dollars to support the yen since 1998 and has remained out of the market since the aftermath of the 2011 earthquake and nuclear crisis.

Kanda is known for his extensive international experience and close ties to policy makers, having worked with the BOJ as Assistant Deputy Minister for Policy Planning and Coordination.

Kanda is close to BOJ Governor Haruhiko Kuroda, who served as Deputy Finance Minister for International Affairs for 3½ years until January 2003. Kanda and Kuroda are graduates of the prestigious Tokyo University and studied at Oxford University.

The annual government reshuffle also appointed Eiji Chatani as the administrative deputy finance minister – the finance ministry’s top official – to replace Koji Yano, the ministry said.

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Reporting by Tetsushi Kajimoto; edited by Richard Pullin and Gerry Doyle

Our standards: The Thomson Reuters Trust Principles.

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