The yen has been on a downtrend since the Bank of Japan's decision last week to end eight years of negative interest rates and roll back its stimulus program.
This photo illustration taken on September 24, 2022 shows Japanese 10,000 yen notes on display in Tokyo.Japanese Finance Minister Shunichi Suzuki said on Friday there were "speculative" moves behind recentdeclines, suggesting authorities remained on stand-by to intervene in the market to address any excessive falls in the currency.
"Given how the yen's declines are continuing despite the interest rate gap narrowing, albeit modestly, suggest that there are speculative moves in the market," Suzuki told parliament. With the BOJ's policy rate still stuck around zero, expectations the gap between U.S. and Japanese interest rates will remain wide are giving traders an excuse to keep selling yen, analysts say.The yen has been on a downtrend since the Bank of Japan's decision last week to end eight years of negative interest rates and roll back its radical stimulus program.
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