Japan 'on standby' for sharp yen moves, top fx official says

Nov 01, 2023 | News On Japan

TOKYO - Japan's top currency official said on Wednesday that the authorities are on ''standby'' to react to sharp moves in the yen. His comment came after the Japanese currency's depreciation against the dollar accelerated.

The yen briefly weakened to the upper 151 range in New York on Tuesday, a level not seen since October 2022. That was after the Bank of Japan modified its yield curve control cap for 10-year Japanese government bonds. Investors took the view that the central bank's decision to adjust its monetary policy was not a major revision. The yen continued to weaken in Tokyo trading early on Wednesday.

Japan's Vice Minister of Finance for International Affairs, Kanda Masato, told reporters he is concerned about recent one-sided, sharp movements.

He said the authorities are ''on standby'' to respond, when asked about the chance of yen-buying intervention, but he declined to say what kind of action they could take.

The yen recouped some of its losses after Kanda's comments. Investors have been selling the yen mainly due to the gap between interest rates in Japan and the United States.

Source: ANNnewsCH

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