Japan¡¯s finance minister and its top currency official have issued fresh warnings to speculators after the yen weakened to its lowest level against the dollar in 18 months amid reports of a snap general election.
¡°We won¡¯t rule out any means and will respond appropriately to moves that are excessive, including those that are speculative,¡± Satsuki Katayama told reporters on Wednesday, in a hint that direct intervention in markets was among the options available. ¡°We¡¯ve mentioned this to the prime minister today as well.¡±
¡°The kind of sudden moves we saw on Jan. 9 have nothing to do with fundamentals, and are deeply concerning,¡± she added. Her message was soon backed up by Atsushi Mimura, the ministry¡¯s top official in charge of the yen, who reiterated that no options were being ruled out.
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