If necessary, Japan will hold discussions with the International Monetary Fund over how to deal with the recent instability of the Thai baht, Finance Minister Hiroshi Mitsuzuka said July 15.
Japanese authorities are in close contact with their counterparts in other nations, and the IMF is keeping a vigil over the situation, Mitsuzuka stressed at a news conference. Japan is also closely monitoring developments in the foreign exchange market, he said, but added that he believes the volatile trading of the baht will calm down, reiterating his support for Bangkok's decision to float its currency.
The baht was effectively devalued early this month. It had previously been pegged to a basket of currencies led by the dollar.