Japan stands ready to take appropriate action against excessive exchange-rate moves, its top currency diplomat said following yen declines to levels seen by traders as heightening the chance of currency intervention.
The warning by Masato Kanda, Japan's vice finance minister for international affairs, likely reflects Tokyo's desire to prevent further falls in the yen that would hurt households and retailers by boosting the cost of importing raw materials.
"I won't comment on recent currency moves. But it's desirable for exchange rates to move stably reflecting fundamentals," Kanda told reporters on Wednesday on the sidelines of the Group of 20 finance leaders' meeting in Sao Paulo.