Japan says it won't rule out any steps to prop up faltering yen

Japanese Finance Minister Shunichi Suzuki arrives for a news conference during the annual meeting of the International Monetary Fund and the World Bank on Oct 13, 2023.

"Rapid currency moves are undesirable," Suzuki told reporters after a Cabinet meeting."It is important for currencies to move stably, reflecting economic fundamentals." The dollar was off slightly against the yen in Tuesday afternoon trade, fetching 151.26 and facing great resistance near the 152 level due to the threat of intervention from Japanese authorities. The greenback is up about 7 per cent on the yen since the start of the year.

"If I answer the question about currency intervention, it could have unintended effects on the market," Suzuki said, adding"if there's excessive moves, we will respond appropriately without ruling out any measures."

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