Japan’s finance minister says authorities are looking at factors behind yen moves

JAPANESE Finance Minister Shunichi Suzuki said on Friday authorities were analysing not just recent yen levels but factors that are driving the currency’s moves.

In a press conference, Suzuki also said authorities were ready to respond to excessive exchange-rate moves, without ruling out any options.

“I can’t comment specifically on recent currency moves. But it’s important for exchange rates to move stably reflecting fundamentals. Excessive volatility is undesirable,” Suzuki said.

While a weak yen brings some benefits and drawbacks to the economy, it can hurt consumers by pushing up inflation, he said.

“If there are excessive moves, we will respond appropriately without ruling out any options,” Suzuki said.

Suzuki said he was coordinating closely with top currency diplomat, Masato Kanda, to deal with yen moves. REUTERS