LONDON: The yen retreated further from more than two-year highs against the dollar on Friday, after Japanese authorities hinted at the possibility of intervention in the currency market.
The dollar traded at 103.08 yen, up around 2.8 percent on the day, compared with 102.75 before a slew of comments from senior Japanese officials.
Japanese Finance Minister Taro Aso said Prime Minister Shinzo Abe had instructed him to cooperate with the Bank of Japan and closely consult with Group of Seven partners, in responding to market moves following Britain's vote to leave the European Union.
Aso added excess volatility in currency markets was undesirable and he would respond to market moves when necessary.
Prime Minister Abe said he was concerned about risks posed to the global economy and foreign exchange markets after the Brexit vote. He added G7 leaders have already agreed to take action regarding global markets and provide stability to the foreign exchange market.
Comments
Comments are closed for this article.