TOKYO -Japanese Finance Minister Shunichi Suzuki said on Tuesday that last week's trilateral meeting with his U.S. and South Korean counterparts has laid the groundwork for Tokyo to take appropriate action to deal with excessive yen moves.
The fresh warnings against excessive currency moves came after the dollar rose to 154.85 yen, its strongest levels against the Japanese currency since 1990, keeping markets on heightened alert for any signs of intervention from Tokyo to prop up the yen. "We are watching market moves with a high sense of urgency," Suzuki told reporters, adding that Tokyo authorities were ready to take action "without ruling out any options" against excessive currency moves.
That dynamic has focused market attention on how the yen's weakness would affect the timing of the next rate hike by the Bank of Japan, after BOJ Governor Kazuo Ueda last week signalled the central bank's readiness to tighten policy if the weak yen's boost to inflation becomes hard to ignore.
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