World News

Japan’s Kishida says ready to act to support plummeting yen

The Japanese prime minister’s comments came after Tokyo bought the yen to support its currency for the first time since 1998.

Japanese Prime Minister Fumio Kishida has warned that speculative yen excessive movements cannot be overlooked, urging him to act “with a high level of vigilance” and step in to support the currency again if necessary. promised.

Hours after Japan bought the yen to support it for the first time since 1998, Kishida said in a speech at the New York Stock Exchange on Thursday that “if there is excessive volatility, we will take action.” said.

The remarks underscored Tokyo’s determination to continue fighting. rapid depreciation of the yenIt hurts homes and retailers by pushing up already rising import prices for raw materials and fuels. It is rare for a Japanese prime minister to make explicit comments on currency movements.

Japan stepped into the foreign exchange market on Thursday, buying the yen for the first time since 1998, in an attempt to prop up its plunging currency after the Bank of Japan (BOJ) stuck to ultra-low interest rates.

The move, which occurred late in Asia, sent the dollar down more than 2% to around ¥140.3. Since then, there has been no sign of further intervention or support from other central banks. The dollar was at 142.36 yen at 23:16 GMT.

Friday is a public holiday in Japan, but the country’s chief currency diplomat, Masato Kanda, told reporters on Thursday that it would not affect Tokyo’s decision on whether and when to intervene again. .

Source link

Show More

Leave a Reply

Your email address will not be published.

Back to top button