Japan's top currency diplomat Masato Kanda said he was closely watching how central bank decisions, including an expected end to negative interest rates in Japan, affect markets as speculation over the events could trigger volatile asset moves. Kanda declined to comment on heightening market expectations that the Bank of Japan (BOJ) will end negative rates in April, saying it was "among important events" that currency authorities were closely watching. "The timing and pace of U.S. interest rate cuts and the outlook for the BOJ's policy are drawing strong market attention, and could be used as an excuse for speculative trading," Kanda said in an interview with Reuters on Wednesday.
The IMF stated that the rupee's movement within a narrow range from December 2022 to October 2023 indicated that the central bank's intervention likely exceeded levels necessary to address disorderly market conditions. However, India has strongly disagreed with the organisation's assessment.
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