© Reuters. FILE PHOTO: A US dollar sign is seen next to a screen showing the current Japanese yen exchange rate against the US dollar and the Nikkei stock price index at forex trading firm Gaitame.com in Tokyo, Japan, May 26, 2023. REUTERS/Kim
TOKYO (Reuters) – A Japanese government spokesman said on Thursday that volatile moves in the currency markets are undesirable and that the authorities are closely watching the market and stand ready to take “appropriate” action as needed.
“It is important that foreign exchange markets move in a stable manner that reflects fundamentals, and excessive changes are undesirable,” Chief Cabinet Secretary Hirokazu Matsuno said at a press conference.
“There is no change in the government’s position that we will closely monitor the movements of the currency market and take appropriate steps if necessary,” he added.
Matsuno made the comment as the dollar rose in Asian trade, pushing the yen down 0.46% to 140.735 after the Fed signaled a rate hike later in the year.
