Japan's Finance Minister Reaffirms Readiness to Act on Currency Market Movements

Deep News06-03

Japan's Finance Minister, Shunichi Suzuki, has reiterated that authorities are prepared to respond to foreign exchange market movements as needed.

His comments come as the yen weakens again, approaching levels that prompted government intervention for support in late April.

"As I have consistently stated, we stand ready to respond appropriately to foreign exchange market movements as necessary," Suzuki told reporters on Wednesday following a cabinet meeting.

When asked if monetary policy is the key factor for correcting the yen's weakness, he indicated that he shares the same perspective on policy direction with Bank of Japan Governor Kazuo Ueda "in many respects."

As he spoke, the yen was nearing the 160 level against the US dollar, marking its weakest point since the authorities' market intervention in late April. That earlier yen-buying operation had temporarily pushed the exchange rate to around 155 yen per dollar, but the yen has since gradually given back those gains.

In early Tokyo trading on Wednesday, the yen traded around 159.96 per dollar, having briefly touched 160 earlier in the session.

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