REUTERS
October 14, 2022 at 16:25 JST
Japan’s Finance Minister Shunichi Suzuki speaks to reporters in Washington on Oct. 13, 2022. (The Asahi Shimbun/ Ken Sakakibara)
Japanese Finance Minister Shunichi Suzuki on Thursday reiterated the government’s readiness to take “appropriate action” against excessive currency volatility in the wake of the yen’s fall to 32-year lows driven by red hot U.S. inflation data.
“We cannot tolerate excessive volatility driven by speculative moves. We’re watching market developments with a strong sense of urgency,” Suzuki said in a news conference after attending the G20 finance leaders’ meeting in Washington.
“We’d like to take appropriate action against excessive volatility,” he said, when asked whether Japan could intervene in the currency market again to prop up the yen.
The dollar briefly hit a 32-year peak against the yen of 147.665 after the release of stronger-than-expected U.S. inflation data, before paring gains to trade at 147.25 yen.
Japan intervened in the currency market last month to arrest sharp yen falls, driven largely by the policy divergence between aggressive U.S. interest rate hikes and the Bank of Japan’s resolve to keep monetary policy ultra-loose.
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