(Bloomberg) — Japan will take appropriate action as needed to defend its currency as it watches out for sudden, one-sided moves, Finance Minister Shunichi Suzuki told reporters after the yen slid to the lowest level versus the dollar since 1986.
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“It is desirable for the exchange rate to move in a stable manner,” Suzuki said on Thursday morning. “Sudden, one-sided moves are not desirable. We are strongly concerned about the impact on the economy. We will analyze the background to this move with a high sense of urgency, and take necessary action as needed.”
Suzuki declined to comment on the currency’s level saying such remarks can affect the market. His comments are largely in line with what Vice Finance Minister Masato Kanda, the nation’s currency policy chief, said Wednesday night as the currency came under pressure.
The Japanese currency slumped to as low as 160.87 per dollar, blowing past levels where officials intervened in the market earlier this year. The yen traded at 160.45 per dollar in mid-morning dealings in Tokyo.
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