2024-04-01 23:53:50
The weakness of the Japanese currency is not consistent with the current state of the country’s economy, says Japanese Deputy Finance Minister Masato Kanda.
As Day.Az reports with reference to Interfax, he told Bloomberg about this.
He confirmed that the Japanese authorities are ready to take action to prevent excessive exchange rate fluctuations.
“I am convinced that the sharp weakening of the yen that we have seen recently is unusual, given the current inflation trend, the inflation outlook, and the direction of monetary policy and Japanese and US government bond yields,” Kanda said. “Many people think that The yen is now moving in the opposite direction. in the direction in which it should have moved.”
Last Wednesday, the yen exchange rate against the US dollar dropped to its lowest level since 1990 – 151.97 yen/$1. Following this, Japanese Finance Minister Shunichi Suzuki made it clear that the country’s authorities are ready to intervene in the foreign exchange market to curb the weakening of the yen.
“We are currently monitoring the situation in the foreign exchange market very closely,” Kanda said. “We will take appropriate measures against excessive fluctuations in exchange rates and do not exclude any options.”
Since the beginning of 2024, the yen has fallen in price by almost 7% against the dollar.
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