Japan concerned about sharp yen falls, ready to act, says top govt spokesman

Tokyo is concerned about sharp falls in the yen currency and stands ready to “respond appropriately” if needed, Japan’s top government spokesperson said on Monday, issuing a fresh warning to markets.

The remark echoed Friday’s joint statement by the government and central bank, but failed to avert a plunge in the yen to 135.22 against the dollar, the currency’s lowest level since October 1998.

“It’s important that currency rates move in a stable way, reflecting fundamentals. But there have recently been sharp yen declines, which we are concerned about,” Chief Cabinet Secretary Hirokazu Matsuno told a regular news conference.

“We are ready to respond appropriately as needed, while communicating closely with each country’s currency authorities.”

Source: Japan concerned about sharp yen falls, ready to act, says top govt spokesman