'We cannot tolerate excessive, rapid currency market moves driven by speculative action,' says Japanese Finance Minister Shunichi Suzuki.
After the yen’s first break beyond the symbolic mark since 1990, top currency diplomattold reporters that authorities were “always ready to take necessary action as excessive volatility has become increasingly unacceptable.”
It also puts the Bank of Japan in the spotlight ahead of a policy meeting next week, when it is widely expected to maintain its ultra-low interest rates that are blamed for pushing down the yen. The yen’s break of 150 against the dollar took it to its weakest level since August 1990. It last traded at 149.770.The dollar has surged some 30% against the yen this year, despite Japan spending up to a record 2.8 trillion yen intervening in the foreign exchange market in September to support its currency.
The BOJ, for its part, ramped up efforts to defend its 0% bond yield cap earlier on Thursday with offers of emergency bond buying. Its dovish governor, Haruhiko Kuroda, has repeatedly ruled out the chance of raising the bank’s ultra-low rates to moderate the yen’s downtrend.
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