Markets

Japan Finance Minister Says Government Will Take Appropriate Actions on FX

Yomiuri Shimbun file photo
Shunichi Suzuki

Reuters

10:16 JST, May 10, 2024

TOKYO (Reuters) — Japan’s Finance Minister Shunichi Suzuki said on Friday the government will take appropriate actions in the currency market, repeating Tokyo’s recent warnings that culminated in suspected interventions last week to stem a sliding yen.

When asked about the government’s obligations to disclose whether it has intervened in the markets or not, Suzuki said authorities “would closely monitor market developments and take appropriate actions when needed.”

Suzuki’s comment was made at a regular post-cabinet meeting news conference.

After the yen hit a 34-year low of 160.245 per dollar on April 29, Japanese authorities are suspected to have spent more than ¥9 trillion ($57.92 billion) intervening in the market last week to prop up the currency.

The dollar stood at ¥155.40 on Friday.