Japanese Finance Minister Shunichi Suzuki said on Tuesday that authorities won’t rule out any options in dealing with excessive currency volatility, underlining a warning that has kept traders on alert for intervention to prop up a sliding yen.
“Excessive volatility is undesirable,” Suzuki told reporters as the yen has faced renewed selling pressure over recent days, slipping towards the 150-per-dollar mark, pressured by the Bank of Japan’s resolve to stick with its ultra-easy policy settings.
The 150 level is seen by markets as a likely red line for the finance ministry that would spur forex intervention from Japanese authorities similar to that of last year.
The yen hit 148.97 to the dollar on Monday and last traded at 148.72.
“We are closely watching currency moves with a high sense of urgency,” Suzuki said.
Reuters
