Tokyo [Japan], April 16: Japan is prepared to take all necessary steps to counter excessive currency moves, Finance Minister Shunichi Suzuki said Tuesday, as the yen tumbled past 154 against the U.S. dollar to a 34-year low.
The U.S. dollar remained strong in the lower 154 yen range early Tuesday in Tokyo after hitting a fresh new high overnight in New York for the first time in nearly 34 years.
Suzuki told a press conference that the authorities are closely watching developments in the currency market and are prepared to take all necessary steps if needed, but he still declined to comment directly on the possibility of market intervention.
Japanese officials have repeatedly warned that the government would act if needed, leaving traders wondering when the authorities will step into markets to prop up the yen.
"With respect to whether the recent moves are excessive or rapid, I don't think it's appropriate to state our view because this is linked to our position to take all necessary steps," Suzuki said.
The yen has already tumbled past levels where Japan previously intervened to halt the decline. Japanese authorities sold U.S. dollars and bought yen after the dollar rose close to 152 yen in October 2022.
Source: Xinhua