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On Japanese Yen: Finance Minister Emphasizes Flexibility, Hints at Intervention

As depreciation drives the exchange rate to nearly ¥155 Japanese yen per US dollar, Finance Minister Suzuki stresses flexibility and hints at intervention.

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Finance Minister Shunichi Suzuki (center) responding to reporters' questions on April 11. Tokyo, Kasumigaseki (© Sankei by Nobuhiro Imanaka)

Depreciation of the Japanese yen has continues unabated, with the USD/JPY exchange rate approaching ¥155 JPY per US dollar on April 22. This led Finance Minister Shunichi Suzuki to address the issue following the April 23 cabinet meeting.

Answering questions about the yen's recent weakening against the dollar, the minister reaffirmed the government's "policy of responding flexibly to excessive market fluctuations without excluding any options remains unchanged." 

A monitor shows the exchange rate dropping to 154.80 yen to the dollar at one point on April 23. In Higashi Shimbashi, Tokyo. (© Kyodo)

Suzuki also suggested that he would not acquiesce in the face of the weakening yen. He added that the government would continue to monitor market trends and hinted at potential foreign exchange intervention to mitigate further yen depreciation.

When asked about his opinion on the current exchange rate, Suzuki stated, "Explaining day-to-day fluctuations always leads back to numbers. So, I would like to refrain from commenting."

As of 5 PM on April 22 in New York, the Japanese yen was trading at ¥154.80-154.90 against the greenback on the foreign exchange market. This marked a 23-sen decline from the end of the previous week.

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(Read the report in Japanese.)

Author: Nobuhiro Imanaka

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