Japan alarmed over recent FX moves, its finance minister says

[TOKYO] Japan’s Finance Minister Katsunobu Kato said on Friday (Aug 1) that its authorities have been alarmed over recent foreign exchange moves, after the yen fell to four-month lows against the US dollar.

“As we have consistently stated, it’s important for currencies to move in a stable manner reflecting fundamentals. We have been alarmed over foreign exchange movements, including those driven by speculators,” he said at a press conference.

The yen fell to 150.89 per dollar on Friday, the lowest since March 28.

Bank of Japan governor Kazuo Ueda said in a news conference on Thursday that current foreign exchange levels are unlikely to have an immediate major impact on its inflation outlook, a comment that currency traders perceive as the central bank’s tolerance to the yen’s current weakness. REUTERS