Japan¡¯s top currency official delivered his most robust salvo of warnings in months against speculative moves in the foreign exchange market as the yen continues to hover near a 2022 intervention level.
¡°The current weakening of the yen is not in line with fundamentals and is clearly driven by speculation,¡± vice finance minister for international affairs Masato Kanda told reporters Monday. ¡°We will take appropriate action against excessive fluctuations, without ruling out any options.¡±
¡°We are always prepared,¡± Kanda said when asked about a possible direct intervention in the currency market. Japan intervened in markets in 2022 to prop up the yen when the currency hit ?151.95 against the dollar.
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