Markets

Japan to Take Action against Yen’s Weakening: MOF Official

Yomiuri Shimbun file photo
Masato Kanda, vice finance minister for international affairs

Jiji Press

17:47 JST, June 28, 2023

TOKYO (Jiji Press) — Japan will take appropriate responses against the yen’s excessive weakening, Masato Kanda, vice minister of finance for international affairs, suggested Wednesday.

“We will monitor the situation with a high sense of urgency and respond appropriately if there are excessive moves” on the foreign exchange market, Kanda said.

In Tokyo currency trading Wednesday, the dollar briefly rose above ¥144, coming closer to the ¥145 line, above which the U.S. currency was trading when Japanese authorities conducted their first yen-buying, dollar-selling market intervention in about 24 years in September last year.

Caution over possible market intervention by the Japanese government and the Bank of Japan is growing, market sources said.