Japan’s top currency official delivered his most robust salvo of warnings in months against speculative moves in the foreign exchange market as the yen continues to hover near a 2022 intervention level.
"The current weakening of the yen is not in line with fundamentals and is clearly driven by speculation,” vice finance minister for international affairs Masato Kanda told reporters Monday. "We will take appropriate action against excessive fluctuations, without ruling out any options.”
"We are always prepared,” Kanda said when asked about a possible direct intervention in the currency market. Japan intervened in markets in 2022 to prop up the yen when the currency hit ¥151.95 against the dollar.