Japan's finance minister vows 'appropriate steps' to tackle volatile yen moves

📆 20/10/2022 07:26:00
📰 Reuters

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Japanese Finance Minister Shunichi Suzuki said the government will take appropriate steps against excessive currency market volatility, following the yen's slide to a fresh 32-year low and towards the key psychological barrier of 150 to the dollar.

"Recent rapid and one-sided yen declines are undesirable. We absolutely cannot tolerate excessively volatile moves driven by speculative trading," Suzuki told parliament on Thursday.

Markets are on high alert on whether Japan will intervene in the currency market again as the yen falls near the key psychological barrier of 150 to the dollar. The yen has fallen against the dollar as investors focused on the policy divergence between the U.S. Federal Reserve's aggressive interest rate hike plan and the Bank of Japan's pledge to keep monetary policy ultra-loose.ruled outThe BOJ, however, is facing renewed challenges in keeping long-term interest rates stably low with its policy dubbed yield curve control , under which it pumps money aggressively to cap the 10-year bond yield around 0%.

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