TOKYO : Japanese authorities stand ready to take all possible measures in the currency market as excessively volatile moves are undesirable, Chief Cabinet Secretary Yoshimasa Hayashi said on Tuesday."It is important for currency rates to move stably reflecting fundamentals.
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 PhotoTOKYO : Japanese authorities stand ready to take all possible measures in the currency market as excessively volatile moves are undesirable, Chief Cabinet Secretary Yoshimasa Hayashi said on Tuesday.
"We will closely watch exchange-rate developments and stand ready to take all possible measures," he said. Traders suspect Tokyo intervened in the market to lift a currency that has languished at 38-year lows, once on Thursday after cooler-than-expected U.S. inflation report triggered a jump in the yen, and again on Friday.
The dollar stood at 158.62 yen on Tuesday, not far off from the 160 mark seen as Japanese authorities' line-in-the-sand for currency intervention.
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