Finance Minister Masajuro Shiokawa said Friday that monetary authorities conducted yen-selling, dollar-buying intervention to arrest the yen's rise, marking the third time they have stepped into the currency market in the past two weeks.
"Recent foreign-exchange rate movements have been too rapid," Shiokawa said in a prepared statement. "We have taken appropriate action today in the foreign-exchange market as a followup to last week's operations."
Shiokawa also hinted that Japan may again intervene in the currency market if the need arises.