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Japan “on standby” to deal with sharp yen moves: Official

Japan “on standby” to deal with sharp yen moves: Official

TOKYO: The Japanese authorities are “on standby” to respond to recent sharp moves in the yen, the country’s top currency official said Wednesday, reported Xinhua.Japan’s Vice Finance Minister for International Affairs Masato Kanda commented as the Japanese currency dropped to a one-year low against the US dollar, expressing concern over “one-sided, sharp” yen movements.The yen briefly weakened to the upper 151 range in New York on Tuesday, a level not seen since October 2022, after the Bank of Japan loosened its grip on long-term government bond yields but maintained monetary easing.Investors took the view that the central bank’s decision to tweak its monetary policy was not a major revision. The yen continued to fall in Tokyo trading early on Wednesday.Kanda told reporters that the authorities were “on standby” to take all possible steps to counter excessive volatility in the currency market, but he declined to say what kind of action they could take.The yen recouped some of its losse

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