TOKYO (Reuters) – Japanese Finance Minister Shunichi Suzuki said on Friday authorities are “deeply concerned” about the impact of “rapid and unilateral” currency moves on the economy, as the yen fell to a 38-year low after 161 years. per dollar.
At a regular news conference, Suzuki said authorities would respond appropriately to excessive currency movements and maintain confidence in Japan’s currency.
“The government is closely monitoring developments in the foreign exchange market with a great sense of urgency,” Suzuki said. Adding efforts to continue fiscal reforms is critical.
The yen fell to its weakest since 1986 at 161.155 per dollar on Friday morning, with neither an overnight drop in US yields nor data showing solid gains in consumer prices in Tokyo easing the downward slide in the could put a stop to Japan’s currency.
Treasury officials this week stepped up their warnings against the falling yen, signaling their willingness to intervene in the currency market.
Japanese authorities are facing renewed pressure to halt the yen’s sharp declines as traders focus on the interest rate differential between Japan and the United States.
Tokyo spent 9.8 trillion yen ($60.91 billion) on currency market interventions in late April and early May after the Japanese currency hit a 34-year low of 160.245 per dollar on April 29.
($1 = 160.8900 yen)
