Japanese policymakers on Wednesday reiterated their readiness to take 'necessary action' against rapid yen moves, in the wake of a slide in the currency triggered by bets the U.S. Federal Reserve would raise interest rates higher and for longer.
A banknote of Japanese yen is seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/IllustrationTOKYO, Sept 14 - Japanese policymakers on Wednesday reiterated their readiness to take "necessary action" against rapid yen moves, in the wake of a slide in the currency triggered by bets the U.S. Federal Reserve would raise interest rates higher and for longer.
"We are monitoring yen moves with a sense of urgency," said Kanda, vice finance minister for international affairs. "We will respond appropriately to currency moves without ruling out any options," he said, repeating warnings made last week.Chief Cabinet Secretary Hirokazu Matsuno told a briefing on Wednesday the government would take necessary action should excessive yen moves continue. Rapid currency moves were undesirable, he added.
The dollar climbed to near a 24-year peak against the yen on Wednesday after hotter-than-expected U.S. inflation prompted bets for even more aggressive monetary tightening by the Fed.
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