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Japan warns against excessive volatility as yen slides near fresh lows

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TOKYO :Japanese Finance Minister Shunichi Suzuki said authorities won't rule out any options in dealing with excessive yen moves, repeating his warning that Tokyo is ready to act against the currency's recent sharp declines.But he stopped short of describing the yen falls as excessive.

FILE PHOTO: Examples of Japanese yen banknotes are displayed at a factory of the National Printing Bureau producing Bank of Japan notes at a media event about a new series of banknotes scheduled to be introduced in 2024, in Tokyo, Japan, November 21, 2022. REUTERS/Kim Kyung-Hoon/File photo

The yen briefly hit 151.840 to the dollar on Monday, within striking distance of the 34-year low of 151.975 marked last month and approaching the 152 line seen by traders as heightening the chance of intervention by Japanese authorities. BOJ Governor Kazuo Ueda's remarks last week signalling the chance of another rate hike this year have failed to arrest the yen's declines, as markets focus on the likelihood that U.S. and Japanese interest rate differentials will remain wide.

 

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