Economic news

Japan issues fresh warning against sharp yen falls

2024.06.26 22:37

By Kentaro Sugiyama

TOKYO (Reuters) -Japanese Finance Minister Shunichi Suzuki said on Thursday authorities would take necessary actions on currencies after the yen slid to a 38-year low against the dollar.

“It’s desirable for exchange rates to move stably. Rapid, one-sided moves are undesirable. In particular, we’re deeply concerned about the effect on the economy,” Suzuki told reporters.

“We are watching moves with a high sense of urgency, analysing the factors behind the moves, and will take necessary actions,” he said.

© Reuters. Japanese Finance Minister Shunichi Suzuki speaks during an event about expanding health coverage for all during the IMF and World Bank’s 2024 annual Spring Meetings in Washington, U.S., April 18, 2024. REUTERS/Ken Cedeno/ File Photo

The Japanese currency has fallen some 2% in June and 12% for the year against a resilient dollar as it continues to be hammered by stark interest rate differentials between the U.S. and Japan.

The yen stood at 160.63 per dollar in Asia on Thursday, remaining a fraction away from the 38-year low of 160.88 hit overnight on Wednesday.



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