Japan's Finance Minister Shunichi Suzuki stated that authorities are prepared to take "bold action" against exchange rate movements that deviate from economic fundamentals. Amid persistent yen weakness following the Bank of Japan's rate hike, Suzuki issued his strongest warning yet to currency speculators.
"The moves are clearly not reflecting fundamentals but rather driven by speculation," Suzuki said in a Bloomberg interview on Monday, referring to the yen's sharp decline last Friday. "Against such moves, we've clearly stated we will take bold action, as outlined in the Japan-U.S. joint statement of finance ministers."
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