Japan's top currency official stated that the nation is prepared to counter speculative activities in the foreign exchange market on all fronts. This declaration follows suspected intervention during the recent holiday period. Masato Kanda, Japan's Vice Minister of Finance for International Affairs, indicated on Thursday that he is monitoring the markets with a sense of urgency due to persistent speculative behavior. However, he stated it was unnecessary to comment on the yen's sharp movements from Wednesday. Kanda declined to comment on whether the Ministry of Finance has a specific exchange rate level it aims to defend. Typically, currency officials state that their actions target sharp or excessive volatility in the markets, rather than defending a particular exchange rate level.
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