JAPANESE Prime Minister Fumio Kishida said on Friday (May 10) that the government is closely monitoring the yen’s recent weakness, joining the chorus of warnings from Tokyo against excessive currency moves.

Japanese authorities are suspected to have intervened in the currency market last week to prop up the yen, which has been languishing at lows not seen for more than three decades.

“We are closely monitoring the yen’s recent weakness, and the government will continue to closely cooperate with the Bank of Japan,” Kishida said, speaking at a key government panel.

At the panel, private-sector members urged the BOJ to be vigilant to the risk of sharp declines in the yen currency triggering “excessive” price rises that hurt private demand.

Kishida’s remarks followed his meeting with BOJ governor Kazuo Ueda on Tuesday, where they discussed recent currency moves and economic developments.

Earlier on Friday, Japanese Finance Minister Shunichi Suzuki said the government will take appropriate actions in the currency market, repeating Tokyo’s recent warnings that culminated in the suspected interventions.

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When asked about the government’s obligations to disclose whether it has intervened in the markets or not, Suzuki said authorities “would closely monitor market developments and take appropriate actions when needed.”

Suzuki’s comment was made at a regular post-Cabinet meeting news conference.

After the yen hit a 34-year low of 160.245 per US dollar on April 29, Japanese authorities are suspected to have spent more than nine trillion yen (US$57.92 billion) intervening in the market last week to prop up the currency.

The US dollar stood at 155.70 yen on Friday. REUTERS