The Japanese yen has fallen to a 5-month low, and the Japanese Finance Minister has issued another warning
Finance Minister Katsunobu Kato reiterated that the Japanese government is concerned about the excessive volatility in the foreign exchange market and reminded speculators that the authorities are prepared to take action to stabilize the weak yen.
When asked about the continued weakness of the yen at a regular press conference, Kato said, "Our position has not changed
He added, "I want to repeat what I said. It is important for currencies to reflect fundamentals in a stable way, and the government has always been vigilant about foreign exchange fluctuations, including those driven by speculators. We will take appropriate measures against excessive fluctuations
Kato made it clear last week that the situation in the foreign exchange market is worrying, indicating that the government's concerns about the depreciation of the yen have intensified.
The USD/JPY exchange rate fell to a 5-month low above 1 US dollar to 157 Japanese yen last Friday and is still hovering around that level this week. It has fallen by around 4.98% this month, which makes traders wary of any intervention by Japanese authorities.
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