Image: Reuters Berita 24 English - Shunichi Suzuki, Japan's finance minister, expressed alarm about recent significant currency weaknes...
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| Image: Reuters |
Berita 24 English - Shunichi Suzuki, Japan's finance minister, expressed alarm about recent significant currency weakness and said he will respond appropriately to exchange market moves if necessary, repeating a warning as the yen hovered near a 24-year low vs the dollar.
"The government will work closely with the Bank of Japan while keeping a careful eye on the currency market and its influence on the economy and prices," Suzuki said.
"If necessary, we will respond appropriately while maintaining close contact with currency authorities from other nations."
In doing so, Japan would be following the consensus of the Group of Seven industrialised economies that excessive volatility and disorderly movements are harmful to economic and financial stability, according to Suzuki.
He emphasised his displeasure with the currency's rapid decline, as he has in recent weeks. Suzuki told reporters, "I'm concerned about the current rapid yen weakness."
Governor Haruhiko Kuroda of the Bank of Japan met with Prime Minister Fumio Kishida on Monday to discuss the global economy and financial markets. During the discussion, the governor expressed his displeasure with recent fast yen swings.
At the normal meeting, Kuroda said he and the prime minister discussed the global economy and financial markets.
On Friday, the Bank of Japan maintained ultra-low interest rates and pledged to preserve its bond yield cap with limitless buying, bucking a worldwide wave of monetary tightening in order to bolster a sluggish economic recovery.
