By Makiko Yamazaki and Satoshi Sugiyama
TOKYO (Reuters) – Japanese Finance Minister Shunichi Suzuki said on Monday authorities were closely monitoring exchange rate movements after the biggest drop since 1987.
He said it is desirable for exchange rates to move in a stable manner and reflect economic fundamentals.
Speaking to reporters, he declined to comment on whether the yen’s current levels are considered excessive.
“It is difficult to say what is behind the decline in stocks,” Suzuki told reporters, adding that the government was working with the Bank of Japan (BOJ) and closely monitoring markets with a sense of urgency.
Japan’s Nikkei stock average fell 13% on Monday to hit a seven-month low, and the safe-haven yen soared as fears of a US recession prompted investors to flee risk.
