TOKYO (Reuters) – Japanese Finance Minister Shunichi Suzuki on Friday, when asked about the yen’s recent weakening, said sharp currency movements are undesirable.
“Currency levels should be set by markets, reflecting fundamentals,” Suzuki told reporters. “Excessive volatility is undesirable and it should move stably. We will continue to watch closely from now on as well.”
He also said he expected the Bank of Japan to work closely with the government and conduct policy firmly to achieve the 2% inflation target in a sustainable and stable manner.
The yen fell as much as 1% to 141.50 per U.S. dollar this week, the lowest since Nov. 23, with analysts on the lookout for further signs of currency intervention.
(Reporting by Tetsushi Kajimoto; Editing by Christopher Cushing and Muralikumar Anantharaman)
