Japan’s Kishida announces readiness to act to support sharp yen fall | Business and Economics

The Japanese prime minister’s comments came after Tokyo bought the yen to back it for the first time since 1998.

Japanese Prime Minister Fumio Kishida has warned against overestimating the yen’s volatility due to speculation and promised to act “with a high degree of vigilance” and intervene to back the currency if needed. set.

“If there is any excessive volatility, we will act,” Kishida said Thursday in a speech at the New York Stock Exchange, hours after Japan bought the yen to lift support this coin for the first time since 1998.

The comments underscore Tokyo’s determination to keep fighting The yen depreciated sharply, which has added pain to households and retailers by inflating already inflated prices of imported raw materials and fuels. Rarely does the prime minister of Japan make explicit comments on currency moves.

Japan intervened in the foreign exchange market on Thursday to buy the yen for the first time since 1998, in an attempt to raise the ruined currency after the Bank of Japan (BOJ) stuck. with very low interest rates.

The move comes in late Asian hours, which has seen the dollar drop more than 2% to around 140.3 yen. There is no subsequent sign of intervention or help from other central banks. The dollar stood at 142.36 yen at 23:16 GMT.

Friday is a public holiday in Japan, although the country’s top currency diplomat, Masato Kanda, told reporters on Thursday that it would not affect Tokyo’s decision on whether or not not and when to intervene again.

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