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Japan ready to take necessary steps to stem yen's decline
Japan's finance minister said on Thursday he was ready to intervene to stem the yen's sharp decline, which saw it fall past the 155-per-dollar mark for the first time in 34 years.
© Lusa
Economia Japão
"In line with our policy, the government will continue to closely monitor the foreign exchange market and will take all necessary measures," Shunichi Suzuki told reporters.
The Japanese currency has surpassed the 155 yen per dollar mark, despite the country's recent shift in monetary policy, which for years has involved negative interest rates in a bid to control inflation.
"We are concerned about the negative side of a weak yen," Suzuki said, adding that addressing rising prices is a priority for the Japanese government.
A weak yen within manageable ranges tends to boost the stock market as it inflates overseas remittances by Japanese exporters, but it also increases the cost of energy and raw material imports, on which the country relies heavily.
The yen has been depreciating sharply against the dollar, among other currencies, largely due to the interest rate differential between the two countries. The trend has accelerated in recent weeks as the US central bank is not expected to start cutting rates anytime soon.
The Japanese government last intervened in October 2022, when the Japanese currency approached the 152 mark against the dollar.
In recent remarks, Bank of Japan Governor Kazuo Ueda has indicated that he will consider a policy shift if the impact of the weak yen on inflation "cannot be ignored."
The Japanese central bank is set to conclude its monthly monetary policy meeting later in the day, with most analysts expecting it to keep its key interest rate unchanged.
Read Also: North Korea fires ballistic missile into Sea of Japan (Portuguese version)
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