TOKYO –
Japan’s finance minister signaled the government is prepared to intervene in the foreign exchange market after the yen briefly weakened into the 163 range against the dollar, its lowest level in about 40 years.
The dollar strengthened in foreign exchange trading as worsening conditions in the Middle East and other factors fueled demand for the U.S. currency.
Finance Minister Satsuki Katayama sought to restrain speculative trading on the morning of July 22, saying the government’s position had not changed.
“Our policy has not changed at all. We will take appropriate and decisive action at any time if necessary,” Katayama said, suggesting that authorities could conduct yen-buying intervention.
The government revised its closely watched annual Basic Policy on Economic and Fiscal Management and Reform to take market concerns into account, but the changes have so far failed to halt the yen’s decline.
Source: TBS
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