Japan to respond appropriately to excess FX moves, finance minister says
Japan's Finance Minister Katsunobu Kato attends a press conference at the finance ministry in Tokyo, Japan October 2, 2024. REUTERS/Issei Kato/ File Photo
TOKYO : Japanese authorities would take appropriate steps against excess moves in the foreign exchange market, Finance Minister Katsunobu Kato said on Friday, amid expectations that a Donald Trump U.S. presidency could boost the dollar and drive the yen down lower.
"We are recently seeing one-sided and drastic moves on the currency market," Kato told a regular news conference. "We will closely monitor currency moves, including those driven by speculators, with utmost sense of urgency and will take appropriate actions against excess moves," he said.
Kato's comments were mostly in line with those by top currency diplomat Atsushi Mimura the day earlier, which represented the government's strongest warning against speculative currency moves in recent months.
On Trump's election victory, Kato said Japan will closely monitor its impact on the Japanese economy and finance that can be made through various channels in light of close economic ties between the two countries.
The yen was hovering close to the 153 per dollar level on Friday morning.
