Japan warns against rapid FX moves, reiterates readiness for action
TOKYO -Japan is always ready to take action against excessive market moves, Tokyo's top currency diplomat Masato Kanda said on Monday, as the yen fell close to 160 to the dollar, raising market caution about the prospect of fresh intervention.
Suzuki declined to comment on whether he considered current market moves as excessive, but stressed that it was desirable for currency moves to be stable and reflect fundamentals. The market widely sees 160 yen to the dollar as authorities' line in the sand. Japan spent some 9.8 trillion yen to pull the currency out of a 34-year trough of 160.245 per dollar hit on April 29.
A U.S. Treasury report issued on Thursday added Japan to its foreign exchange monitoring list alongside six countries that were on the previous list.
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