Connect with us

Hi, what are you looking for?

Right Decision NowRight Decision Now

World News

Japan ready to take ‘appropriate’ action vs yen volatility — finmin

WASHINGTON — Japanese Finance Minister Shunichi Suzuki reiterated the government’s readiness to take “appropriate action” against excessive currency volatility in the wake of the yen’s fall to 32-year lows driven by red hot US inflation data.

“We cannot tolerate excessive volatility driven by speculative moves. We’re watching market developments with a strong sense of urgency,” Mr. Suzuki said in a news conference on Thursday after attending the G20 finance leaders’ meeting in Washington.

“We’d like to take appropriate action against excessive volatility,” he said, when asked whether Japan could intervene in the currency market again to prop up the yen.

The dollar briefly hit a 32-year peak of 147.665 yen after the release of stronger-than-expected US inflation data, before falling below 147 yen. It stood around 147.275 yen in early Asia trade on Friday.

A Ministry of Finance (MoF) official declined to confirm whether the dollar’s drop below 147 could have been due to intervention, telling reporters decisions on whether or not to disclose any Japanese action in the market is taken on a case-by-case basis.

Mr. Suzuki said he did not hold a bilateral meeting with US Treasury Secretary Janet Yellen during his stay in Washington this week, but that Japan was closely communicating with the United States including on market moves.

Japan intervened in the currency market last month to arrest sharp yen falls, driven largely by the policy divergence between aggressive US interest rate hikes and the Bank of Japan’s (BoJ) resolve to keep monetary policy ultra-loose.

Speaking at the same news conference, BoJ Governor Haruhiko Kuroda said it was “inappropriate” to raise interest rates now in light of Japan’s still-weak economy and modest inflation.

“Japan’s economy is emerging from the COVID-19 pandemic’s wounds but the pace of recovery is slow compared with countries like the United States,” Mr. Kuroda said. — Reuters

    You May Also Like


    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...


    The Home Office has made next to no progress in tackling criminal fraud during the past five years, despite it having become Britain’s most...


    Mark Zuckerberg has laid off more than 11,000 Meta’s employees, about 13 per cent of its global workforce, in what he described as “some...


    1.22 billion people use Instagram every month. That’s a huge number of Instagrammers trying to hit it big on the platform all at the...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 | All Rights Reserved