TOKYO (Reuters) – Japan Finance Minister Katsunobu Kato reiterated Tokyo’s discomfort over excessive foreign exchange moves and put speculators on notice that authorities are ready to act to stabilise a faltering yen.
“There is no change to our stance,” Kato said when asked about the yen’s persistent weakness at a regular news conference.
“I would repeat what I’ve said. It’s important for currencies to move in stable manner reflecting fundamentals and the government has been alarmed by foreign exchange moves including those driven by speculators. We’ll take appropriate action against excessive moves,” he added.
Kato last week explicitly described the currency market situation as alarming, signaling the government’s heightened concerns over the sliding yen.
The yen was pinned near a five-month low past 157 per dollar, having already fallen 4.7% this month into territory that is keeping traders on alert to any intervention from Japanese authorities.
(Reporting by Makiko Yamazaki; Editing by Himani Sarkar and Shri Navaratnam)
