Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, on, May 13, 2023. TOKYO: Japan is concerned about negative effects of the weak yen, finance minister Shunichi Suzuki said on Friday , in a fresh warning to speculators as the currency fell further after the central bank's widely expected decision to hold rates steady.
"The weak yen has both positive and negative impacts ," Suzuki told a press conference, adding that he is"more concerned about the negative effects right now." The yen's slide to 34-year lows against a broadly firmer dollar has been driven by wide US-Japan interest rate differentials. The yield-induced downturn in the yen has gained renewed momentum on signs the Bank of Japan will go slow on raising its near-zero rates and expectations the US Federal Reserve will likely delay the start of its rate-cutting cycle.Markets are now looking to any hints from BOJ Governor Kazuo Ueda on how the weak yen could affect the next rate hike timing.
Suzuki declined to comment on remarks made by US Treasury Secretary Janet Yellen that the US dollar has been strong and interventions by other governments in currency markets is acceptable only in rare and extraordinary circumstances.
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