Japan warns against excessive yen moves, repeats verbal intervention
© Reuters. FILE PHOTO: Examples of Japanese yen banknotes are displayed at a factory of the National Printing Bureau producing Bank of Japan notes at a media event about a new series of banknotes scheduled to be introduced in 2024, in Tokyo, Japan, November 21, 2022TOKYO -Japanese Finance Minister Shunichi Suzuki said on Friday excessive exchange-rate moves were undesirable, reiterating the government's resolve to take appropriate actions against sharp yen falls.
The dollar fell to a two-week low of 150.95 yen after the remarks, as repeated verbal warnings by authorities keep investors on guard against the chance of yen-buying intervention. He has held off on using such language since then, but continued to warn that authorities won't rule out any options to deal with excessive yen declines.
Ueda also said the BOJ could"respond with monetary policy" if yen declines significantly affect inflation and wages, suggesting that yen moves were among factors that could trigger an interest rate hike.
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