Yen’s Fall One-Sided, Rapid: Japan Finance Chief

Tokyo, Dec. 19 (Jiji Press)–Japanese Finance Minister Satsuki Katayama on Friday expressed concerns over the day’s depreciation of the yen on the foreign exchange market, describing it as “one-sided and rapid.” “We will take appropriate measures against excessive movements, including speculative ones” based on a joint statement of the Japanese and U.S. finance ministers, Katayama told reporters, suggesting a readiness to intervene in the market if necessary. On Friday, the Bank of Japan decided to raise its policy interest rate to a level unseen in 30 years. After BOJ Governor Kazuo Ueda’s press conference later in the day, the yen rapidly weakened against the dollar in Tokyo currency trading and also in New York. Regarding the BOJ’s rate hike decision, Katayama said, “I assess it was made based on the outlook for wage and price trends with the aim of achieving the central bank’s 2 pct price stability target in a sustainable and stable manner.” “Communication between myself and Governor Ueda is very good,” the finance minister added. END [Copyright The Jiji Press, Ltd.]