{"id":15149,"date":"2023-09-21T10:58:46","date_gmt":"2023-09-21T10:58:46","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/forex\/japan-warns-against-post-fed-yen-slide\/"},"modified":"2023-09-21T10:58:46","modified_gmt":"2023-09-21T10:58:46","slug":"japan-warns-against-post-fed-yen-slide","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=15149","title":{"rendered":"Japan warns against post-Fed yen slide"},"content":{"rendered":"
\n

By Satoshi Sugiyama and Leika Kihara<\/p>\n

TOKYO (Reuters) – Japan won’t rule out any options in addressing excess volatility in currency markets, the government’s top spokesperson said on Thursday, issuing a fresh warning against the yen’s decline towards the psychologically important 150-mark per dollar.<\/p>\n

Chief Cabinet Secretary Hirokazu Matsuno also said he hoped the Bank of Japan, holding a two-day policy meeting that ends on Friday, takes “appropriate” policy towards achieving its 2% inflation target.<\/p>\n

“It’s important for currencies to move stably reflecting fundamentals,” Matsuno told a regular briefing, when asked about the yen’s recent declines.<\/p>\n

“The government will monitor currency market developments with a high sense of urgency, and respond appropriately without ruling out any options,” he said.<\/p>\n

A hawkish pause by the U.S. Federal Reserve pushed the Japanese yen down to around 148.39 against the dollar on Thursday, near the 150 level seen as Tokyo’s line-in-the-sand for possible currency intervention.<\/p>\n

Matsuno’s remarks echo those by top currency diplomat Masato Kanda, who told reporters on Wednesday the authorities “won’t rule out any options if excessive moves persist.”<\/p>\n

Kanda also said Tokyo was in close contact with Washington on currencies, shortly after U.S. Treasury Secretary Janet Yellen signalled any intervention should be aimed at smoothing out volatility – rather than influencing exchange-rate levels.<\/p>\n

While a weak yen gives exporters’ profits a boost, it has become a political headache for the government as it hurts households by driving up the cost of living.<\/p>\n

Japan made rare forays into the currency market to prop up the yen in September and October last year to stem a plunge in the currency that eventually hit a 32-year low of 151.94 to the dollar.<\/p>\n

Under pressure to address the fallout from a weak yen, the BOJ also took steps in July to allow long-term interest rates to rise more reflecting the prospect of higher prices.<\/p>\n

Many analysts expect the BOJ to keep ultra-loose policy intact on Friday, and will focus on any hints Governor Kazuo Ueda could drop on the timing of a future interest rate hike at a post-meeting briefing.<\/p>\n

The government, not the central bank, holds jurisdiction over currency policy in Japan, and decides whether and when to intervene in the exchange-rate market. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Satoshi Sugiyama and Leika Kihara TOKYO (Reuters) – Japan won’t rule out any options in addressing excess volatility in currency markets, the government’s top spokesperson said on Thursday, issuing a fresh warning against the yen’s decline towards the psychologically important 150-mark per dollar. Chief Cabinet Secretary Hirokazu Matsuno also said he hoped the Bank […]<\/p>\n","protected":false},"author":1,"featured_media":3908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[36],"tags":[],"class_list":{"0":"post-15149","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-forex"},"yoast_head":"\nJapan warns against post-Fed yen slide | Prosfunds<\/title>\n<meta name=\"description\" content=\"By Satoshi Sugiyama and Leika Kihara TOKYO (Reuters) - Japan won't rule out any options in addressing excess volatility in currency markets, the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=15149\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Japan warns against post-Fed yen slide | Prosfunds\" \/>\n<meta property=\"og:description\" content=\"By Satoshi Sugiyama and Leika Kihara TOKYO (Reuters) - 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