Rapid Forex Fluctuations “Not Good” for Economy: MOF Official

Jiji Press

9:18 JST, February 14, 2024

Tokyo (Jiji Press)—Rapid fluctuations in foreign exchange rates are “not good” for the economy, Masato Kanda, Japanese vice minister of finance for international affairs, said Wednesday, referring to the dollar’s latest surge above the psychologically important line of ¥150.

On current exchange rate trends, Kanda told reporters at the Finance Ministry in Tokyo, “There are both parts that are in line with fundamentals and movements that are clearly speculative.”

“We will monitor the foreign exchange market with a high sense of tension,” he said. “We’ll take appropriate responses as needed.”

Asked about the possibility of Japanese authorities launching a yen-buying$,-selling market intervention, Kanda said, “We’ll take the most appropriate response based on circumstances.”

In Tokyo currency trading, the dollar stood at ¥150.71-72 at 9 a.m. Wednesday, up from ¥149.58-59 at 5 p.m. Tuesday.