TOKYO: Japanese Finance Minister Shunichi Suzuki said on Friday that a weak yen has its merits and demerits although he was concerned about the negative aspects of a weak currency.

“Currency rates are set by markets reflecting fundamentals. Rapid moves are undesirable and stable moves are desirable,” Suzuki told a lower house session of parliament.

“From that standpoint, I’m closely watching market moves with a strong sense of urgency.”

Japan finance minister says he discussed debt restructuring progress with Sri Lanka

The dollar was on track for its fifth straight weekly gain as investors take stock of economic data and firm expectations the Federal Reserve will start to cut rates in June, while the yen traded at the psychologically key 150 per dollar level.