TOKYO (Reuters) – Japanese authorities warned on Wednesday of continued weakness in the yen, saying they are ready to take appropriate action if the Japanese currency falls excessively.
“We are closely monitoring currency movements with a strong sense of urgency,” Masato Kanda, a Japanese currency diplomat, told reporters.
“We will react appropriately if it becomes excessive,” he added.
Masato Kanda spoke to the press after the Japanese currency fell to a new seven-month low against the dollar.
The yen fell 0.36% against the greenback to 144.02, its lowest level since Nov. 10, fueling speculation among forex traders that Japanese authorities might intervene.
Japan’s last interventions in the foreign exchange markets date back to September and October. Investors believe that the threshold of 145 yen for one dollar is the limit not to be crossed before a new intervention by the Tokyo authorities.
(Report Tetsushi Kajimoto and Takaya Yamaguchi; Claude Chendjou, edited by Kate Entringer)
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