Japan likely spent some 5 trillion yen ($32 billion) on April 29 in currency market intervention, data by its central bank and market sources showed Tuesday, in the clearest evidence yet of the nation's attempt to slow the yen's rapid fall.
Japan will take "appropriate" action in response to excessive forex moves and is closely watching market developments, Finance Minister Shunichi Suzuki says after the yen weakens relative to the U.S. dollar to levels near where the government has previously intervened.
Japanese Finance Minister Shunichi Suzuki has warned that "appropriate steps" may be taken to address excessive volatility in the foreign exchange market, saying such fluctuations are "absolutely intolerable."
Japan will take "appropriate" steps if the yen s volatility increases excessively, says Finance Minister Shunichi Suzuki, as the currency weakens against the U.S. dollar to levels near where it was when Japanese authorities intervened last month.
Japan s currency intervention is likely to prove ineffective in overturning the underlying weakness of the yen against the U.S. dollar, even as its first attempt in 24 years in the foreign exchange market to strengthen its currency took immediate effect.