Japanese Yen Nears 160 Per Dollar, Finance Minister Reaffirms Readiness for FX Intervention

Deep News08:32

The Japanese Finance Minister, Shunichi Suzuki, has reiterated that authorities are prepared to act on foreign exchange movements as needed. His comments come as the yen's exchange rate has weakened again, approaching levels last seen in late April when the government intervened to provide support.

"As I have consistently stated, we stand ready to respond to foreign exchange market movements as necessary," Suzuki said to reporters on Wednesday following a cabinet meeting that approved a supplementary budget.

When questioned whether monetary policy was the key factor in correcting the yen's weakness, he indicated that he shares "many points of view" with Bank of Japan Governor Kazuo Ueda regarding policy direction.

These remarks were made as the yen traded close to the 160 level against the US dollar, marking its weakest point since the authorities' market intervention in late April. That earlier operation of buying yen had temporarily pushed the exchange rate to around 155 yen per dollar, but the currency has since gradually given up those gains.

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

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