WASHINGTON: Japan’s Finance Minister Shunichi Suzuki said the government was ready to take “decisive” action against rapid yen declines, stressing that he was focusing on the currency’s volatility rather than levels in deciding whether to intervene again.
“We cannot tolerate excessive volatility in the currency market driven by speculative moves.
We’re watching currency moves with a strong sense of urgency,“ Suzuki told reporters on Wednesday after attending the G7 finance leaders’ meeting in Washington.
He declined to comment on the yen’s current levels against the dollar.
The yen has fallen since Japan stepped into the currency market last month to prop up its value.
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“It’s not as if we have a specific (dollar/yen) level in mind. Instead, we’re looking at volatility,” Suzuki said. His remarks came after the government’s top spokesman Hirokazu Matsuno told reporters in Tokyo on Thursday that Japan stands ready to take appropriate steps against excess volatility in foreign exchange markets.
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