Japan kept up its warnings over speculative currency moves following the yen¡¯s slump to a three-decade low, as it tried to dissuade traders from testing its intervention strategy.
The currency fell to its lowest since August 1990 in the aftermath of Thursday¡¯s hotter-than-expected U.S. inflation report, before a rapid reversal that raised market chatter of potential action by Japanese authorities.
¡°We can¡¯t tolerate excessive moves triggered by speculation,¡± said Finance Minister Shunichi Suzuki in Washington, where he attended Group of 20 meetings. ¡°We¡¯re watching the foreign exchange markets with a high sense of urgency, and we¡¯ll take appropriate responses against excessive moves.¡±
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