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Yomiuri Shimbun file photo The Finance Ministry’s headquarters building in Tokyo.
Reuters
11:12 JST, May 31, 2024
TOKYO, May 31 (Reuters) – Japan will take appropriate action against excessive currency movement, Minister of Finance Shunichi Suzuki said on Friday, stressing the importance of stability in the foreign exchange market.
Suzuki made the comments in a regular post-cabinet meeting news conference.
Japan will release data later in the global day showing whether it spent money in the foreign exchange market in late April and May.
Traders suspect Japan spent around 9 trillion yen ($57.11 billion) in total on April 29 and May 2 to arrest the yen’s decline to a 34-year low of 160 to the U.S. dollar, private-sector estimates showed.
Suzuki also said higher interest rates could increase the government’s interest payment burden and pressure fiscal policy.
A low interest rate environment allowed for smooth debt management, he said. “Now we need to step up our efforts to increase fiscal health.”
The 10-year Japanese government bond (JGB) yield hit 1.1% this week, its highest since July 2011.
