Japan warns of possible action as yen slides beyond intervention level
Finance Minister Satsuki Katayama says Japan is ready to take appropriate measures whenever necessary after the yen weakened past 161 against the dollar.
- Japan's Finance Minister has warned that authorities are prepared to take "appropriate measures" in the foreign exchange market to support the falling yen.
- The warning was issued as the yen weakened past 161 to the US dollar.
- This exchange rate is weaker than the level that prompted Japan's last currency intervention in late April.
Japan is ready to take “appropriate measures whenever necessary” in the foreign exchange market, Finance Minister Satsuki Katayama said on Monday (22 June), warning against a further fall in the yen against the dollar.
Speaking at a press conference after a cabinet meeting, Katayama again indicated that the government and the Bank of Japan would not hesitate to intervene in the currency market to support the Japanese currency.
The yen was trading past 161 to the dollar, weaker than the level at which Japanese authorities carried out a yen-buying, dollar-selling intervention in late April.
Katayama declined to comment in detail on current yen-dollar rates.
The finance minister had said on Friday that authorities would take “resolute action” if speculative movements emerged in the market.
