Japan PM Kishida says ready to act again to support yen
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
JAPANESE Prime Minister Fumio Kishida said on Thursday excessive movement in the yen due to speculation cannot be overlooked and that his government would act “with a high level of vigilance” and intervene to support the currency again if necessary.
“Should there be any excessive volatility we will take action,” he said in a speech at the New York Stock Exchange, hours after Japan bought yen to prop up the currency for the first time since 1998.
The remarks underscored Tokyo’s resolve to continue battling sharp declines in the yen, which have added pain to households and retailers by inflating already rising prices of raw material and fuel imports.
It is rare for Japan’s prime minister to make explicit comments on currency moves.
Japan intervened in the foreign exchange market on Thursday to buy yen for the first time since 1998, in an attempt to shore up the battered currency after the Bank of Japan (BOJ) stuck with ultra-low interest rates.
The move, which occurred during late Asian hours, saw the dollar fall more than 2 per cent to around 140.3 yen. There were no subsequent signs of further intervention or help from other central banks.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The dollar stood around 142.36 yen at 2316 GMT. Friday is a public holiday in Japan, though the country’s top currency diplomat, Masato Kanda, told reporters on Thursday that would not affect Tokyo’s decision on whether and when to intervene again. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
