Japan finance minister Shunichi Suzuki warns investors against selling yen

JAPANESE finance minister Shunichi Suzuki maintained a warning to investors against selling the yen on Thursday, saying authorities were closely watching moves after the currency fell beyond 150 yen against the dollar.

“I’m watching market moves with a sense of urgency, as before,” Suzuki told reporters at his ministry, when asked about renewed weakness in the yen.

The dollar rose to 150.32 yen, its highest since October last year when Japan last intervened in the market to support the local currency. The greenback last traded at 150.08 yen.

The 150 yen line is perceived by investors as a danger zone that may trigger intervention. Suzuki made no comments about intervention.

Pressure is mounting on the Bank of Japan to change its bond yield control as global interest rates rise. A hike to an existing yield cap set just three months ago is being discussed as a possibility in the run-up to next week’s policy meeting, Reuters cited sources as saying this week. REUTERS