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Japan to take proper steps if forex volatility rises: finance chief

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Kyodo News

<p>TOKYO - Japan will take &quot;appropriate&quot; steps if the yen&#x27;s volatility increases excessively, Finance Minister Shunichi Suzuki said Tuesday, as the currency weakened against the U.S. dollar to levels near where it was when Japanese authorities intervened last month.</p><p>The government is monitoring developments in the foreign exchange market with &quot;a strong sense of vigilance,&quot; Suzuki told reporters, amid market caution about another possible intervention to stem the yen&#x27;s sharp drop.</p><p>Suzuki said he plans to explain Japan&#x27;s position on currency intervention when he meets with finance chiefs from the Group of 20 economies in Washington on Wednesday and Thursday.</p><p>&quot;There is no change in our stance of taking appropriate action should we see excessive volatility (in the currency market),&quot; he said.</p><p>Suzuki refrained from saying whether the yen&#x27;s movements after the intervention have been one-sided and driven by speculators, descriptions he has previously used.</p><p>The dollar was trading in the upper 145 yen range on Tuesday after breaching the 145 mark last week.</p><p>Japan stepped into the market to stem what Suzuki called &quot;rapid, one-sided&quot; depreciation on Sept. 22, when it likely spent a record 2.84 trillion yen ($19 billion) in its first yen-buying, dollar-selling operation in about 24 years.</p><p>The dollar fell by around 5 yen shortly after the intervention but has rebounded since, reflecting the widening interest rate gap between the United States and Japan.</p><p>&quot;It&#x27;s not just the yen that has been falling against the dollar because other major currencies are also in a similar situation,&quot; Suzuki said.</p><p>The impact of monetary tightening by the U.S. and other major central banks on the global economy will likely be on the agenda of the G-20 finance ministers&#x27; meeting, along with food and energy insecurity caused by Russia&#x27;s invasion of Ukraine, Suzuki said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/22/22/dollar-breaks-145-yen-after-bank-of-japan-keeps-loose-policy">Dollar breaks 145 yen after Bank of Japan keeps loose policy</a></li>	<li><a href="https://news.abs-cbn.com/business/09/22/22/japan-central-bank-keeps-ultralow-rates-yen-falls">Bank of Japan stands pat on ultralow rate policy, yen fall prompts intervention</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2283565" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Japan will take 'appropriate' steps if the yen's volatility increases excessively, Finance Minister Shunichi Suzuki said Tuesday.