SNB Denies Forex Manipulation Amid Japan-U.S. Tensions and ECB Inflation Concerns

The Swiss National Bank (SNB) has denied engaging in manipulation of the Swiss Franc. This statement comes after Japan's Finance Minister, Katayama, expressed readiness to take decisive steps on foreign exchange.

Katayama noted that the U.S. Treasury's recent forex report highlighted the importance of bilateral statements affirming that excessive foreign exchange fluctuations are undesirable. He emphasized that Japan and the U.S. maintain round-the-clock communication on this issue.

Meanwhile, European Central Bank (ECB) official Kocher stated that the ECB will take action if the inflation outlook deteriorates. However, Kocher also expressed a more optimistic view by saying that the growth forecast isn't great but does not see a recession.