Japan authorities ready to respond in forex market, says finance minister

Japanese Finance Minister Shunichi Suzuki speaks with the media after a meeting of G7 leaders on the sidelines of G20 finance ministers’ and Central Bank governors’ meeting at Gandhinagar, India, July 16, 2023. REUTERS/Amit Dave/File photo

TOKYO  -Japanese Finance Minister Shunichi Suzuki said on Tuesday authorities were watching the currency market closely and stood ready to respond, repeating a warning against speculative moves that did not reflect economic fundamentals.

Speaking at a regularly scheduled press conference, Suzuki said authorities were watching market moves with a high sense of urgency.

The yen slid to within a hair of 150 per dollar and near a one-year low, putting traders on watch for intervention from Japanese authorities.

READ: Dollar hits new high, yen teeters near intervention line

Asked about the possibility of intervention, Suzuki said he was not in a position to comment, but added that whether to intervene would be determined by volatility, and not to target certain levels.