CCTV Script 13/10/14

— This is the script of CNBC's news report for China's CCTV on October 13, Tuesday.

With rising risk aversion, the Japanese yen is back in play.

The past month has seen some volatile swings in the currency... so how much is the Bank of Japan keeping an eye on these uncontrolled movements in currencies?

Geoff Cutmore put those questions to BOJ Governor Haruhiko Kuroda on the sidelines of the IMF, World Bank's annual meetings in Washington DC.

[Haruhiko Kuroda/Governor, Bank of Japan] A: I do not think the Yen is excessively weak, I mean of course Exchange rates move widely and exchange rate movement is not always consistent with the economic fundamentals and so on and so forth.

But as far as I can see these exchange rate movements are not excessive so far, because after the Lehman shock, of course the USD appreciated against many Asian currencies - except the Japanese Yen.

And while the decline in oil prices is worrying major OPEC producers... it's good news for Japan which is a big importer of crude.

CNBC's Geoff Cutmore spoke to Bank of Japan governor Haruhiko Kuroda about that.

[Haruhiko Kuroda Governor, Bank of Japan] A: Lower oil prices are good for Asia because Asia is the largest oil importer in the world, I mean not just Japan but Korea, China, India, Pakistan even Indonesia now is a net oil importer. So Asia as a whole is a huge oil importer and the decline in oil prices would be very beneficial to the entire Asian economy - not just Japan but also Korea, China, India, Pakistan and so on. Having said that i mean oil prices tend to fluctuate. At this stage despite heightened geopolitical risks in the Middle East somehow oil prices continue to decline. Maybe due to increased supply by African countries, or substantially increased energy production by this country, the US, so this is a supply side factor which might have reduced oil prices.

And according to a CNBC poll, though Brent crude looks oversold, IF there's MORE talk supporting an earlier than scheduled OPEC cut, that may help oil markets recover BUT probably just at the margin.

I'm Qian Chen, reporting from CNBC's Asian headquarters.

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