Japan stands ready to take appropriate action in the market "any time" to counter excessive moves in the yen, its top currency diplomat Masato Kanda said on Friday, issuing a fresh warning on the chance of renewed exchange-rate intervention.

Kanda also said he was in frequent and close contact with overseas counterparts, particularly in the U.S., on issues including financial markets.

"Under a flexible exchange-rate regime, we won't need to intervene if currency moves are stable. But if there are excessively volatile moves that have an adverse effect on the economy, we need to take action, and doing so would be justified," Kanda told reporters.