Japan has a ¡°free hand¡± to take bold action against currency moves that are not in line with fundamentals, Finance Minister Satsuki Katayama said, in her strongest warning yet to speculators following the yen¡¯s weakening even after a rise in interest rates.
¡°The moves were clearly not in line with fundamentals but rather speculative,¡± Katayama said in an interview on Monday, referring to a sharp weakening of the yen on Friday. ¡°Against such movements, we have made clear that we will take bold action, as stated in the Japan-U.S. finance ministers¡¯ joint statement,¡± she said.
The Japanese currency strengthened after Katayama¡¯s remarks Monday, briefly dipping below ?157 per U.S dollar. By Tuesday in Tokyo it had risen to around ?156.30 after continuing to gain.
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