Image: Reuters Berita 24 English - As the yen sank to 24-year lows against the dollar, Japanese Finance Minister Shunichi Suzuki underlined...
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| Image: Reuters |
Berita 24 English - As the yen sank to 24-year lows against the dollar, Japanese Finance Minister Shunichi Suzuki underlined his concerns about the recent fast yen depreciation, saying the government will coordinate any required steps with the Bank of Japan.
Suzuki told reporters that it was critical for currencies to move steadily in line with economic fundamentals, because excessive volatility and erratic movements can jeopardise economic and financial stability.
Based on their currency accord, Japan will keep regular communication with currency authorities from the Group of Seven (G7) advance nations.
"I'm concerned about the recent significant yen weakness in the exchange market," Suzuki remarked. "With an even greater sense of urgency, we will closely monitor currency market movements and their impact on the economy and pricing."
On Friday, Japan's government and central bank made a rare joint statement expressing alarm over the yen's steep depreciation, and some investors are cautious of either currency intervention or the BOJ's shaky commitment to anchoring bond yields.
After trading as low as 135.22 on Monday, the yen was last seen at 134.00 per dollar. This year, it has lost 14% of its value against the dollar.
