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"We conducted a currency intervention to check excessive volatility in currency markets," Yoshihiko Noda, the finance minister, said Wednesday.
We are agreed that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.
As one economist notes, Turkey is like a high "beta" economy: strong growth and good returns, but at the price of excessive volatility.
"We conducted a currency intervention to check excessive volatility in currency markets," Finance Minister Yoshihiko Noda told reporters in Tokyo on Wednesday.
"The thing they should take a look at is the concentration of market power that has led to excessive volatility, and as a result, once again is threatening North American gas producers".
In the joint communiqué they issued after the Group of 7 meeting ended in Boca Raton, Fla., on Saturday, the finance ministers declared that "excessive volatility" and "disorderly" movements in exchange rates were bad for economic growth.
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When hard times come, central banks may be able to raise interest rates, prevent excessive currency volatility and stick to their inflation targets.
Agriculture ministers meeting in Berlin in January said they were "concerned that excessive price volatility and speculation" in international markets for agricultural commodities may threaten the security of the world's food supply.
Last year, a similar meeting between senior officials of the Finance Ministry and Bank of Japan, also following a spike in the yen, produced a joint statement warning markets against excessive currency volatility.
This can result in overuse of load resources, control instability and excessive price volatility.
The chancellor said there had not been "excessive market volatility" and the government would not deviate from its economic path.
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