Japan remains ready to intervene in the currency market, the government said Wednesday as the yen surged to three-year highs against the dollar.
The yen remained strong at the 109 level against the dollar Wednesday in Tokyo after it surged past the key 110 mark for the first time since November 2000 in New York overnight.
Finance Minister Sadakazu Tanigaki said Japan remains committed to its policy of intervening to stem volatility in the currency market. "We will continue to monitor (the currency market) and will fight it when we have to," he said.
Tanigaki dismissed speculation that a visit by U.S. President George W. Bush scheduled for next week is preventing Japanese monetary authorities from carrying out major operations to weaken the yen.
"It is not about whether the president is going to visit or not," he said. "It is about whether there are rapid fluctuations or not."