Japan signals renewed readiness to act as yen nears four-decade low
Finance Minister Satsuki Katayama says Tokyo and Washington remain in constant contact as the dollar approaches 164 yen and officials warn against excessive volatility.
- Japan's Finance Minister has signaled a readiness to intervene in foreign-exchange markets with "resolute actions" if necessary.
- This warning comes as the yen approaches a four-decade low against the US dollar, nearing the 164 level.
- Japan and the United States are aligned on the issue, with the US Treasury also stating that "excess volatility in the yen is undesirable."
Japan and the United States remain aligned over excessive movements in the yen, Finance Minister Satsuki Katayama said on Friday, 24 July, as Tokyo again signalled that it was prepared to intervene in foreign-exchange markets.
Her comments followed a statement from the US Treasury Department on Thursday that “excess volatility in the yen is undesirable”.
Katayama said the two sides were “closely communicating 24 hours a day, 365 days a year”.
At the same press conference, she renewed the warning as the dollar moved close to 164 yen, leaving the Japanese currency near its weakest level in four decades. “We stand ready to respond appropriately if necessary. This means that we will take resolute actions decisively,” she said.
Katayama said the continuing coordination was consistent with a Japan–US joint statement issued in September, which supported intervention in currency markets to counter excessive volatility.
[Copyright The Jiji Press, Ltd.]
