Japan’s finance minister announced “appropriate responses” should volatility become too severe.
(Photo: via REUTERS)
Tokyo The yen has broken a psychologically important barrier to the downside amid intervention concerns. The Japanese currency fell below 145 yen per dollar on Friday for the first time since last November, its lowest level in eight months.
This increases the likelihood of support measures in the currency market coming soon. That was also the case as the currency soared towards 146 yen per dollar last year. For the first time since 24, political intervention followed: Japan made currency purchases worth 65 billion dollars.
Finance Minister Shunichi Suzuki stressed on Friday: “It is important that currencies move stably and reflect fundamental data.” Recently, “strong and one-sided movements in the currency market” can be observed. “We will react appropriately if the fluctuations become too great,” he added.
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