TOKYO: Japan will take appropriate steps should the yen weaken excessively, Finance Minister Shunichi Suzuki said on Friday (Jun 30) after the currency plumbed seven-month lows agains
, Finance Minister Shunichi Suzuki said on Friday after the currency plumbed seven-month lows against the dollar.
When the yen breached the 145 level last September, authorities intervened in markets to support the currency for the first time in 24 years."Sharp and one-sided moves are seen in the currency market lately. The government is watching currency market moves with a great sense of urgency. We will respond appropriately if the moves become excessive."A weak yen has both positive and negative effects on the economy, depending for example on the export or import sectors.
Generally, yen weakening pushes up import costs of food and energy for resource-poor Japan, which would deal a blow to consumers struggling to make ends meet.
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