Wednesday, September 27, 2023
HomeEconomyJapan's Kanda: Will "appropriately respond" to the trend of the yen

Japan's Kanda: Will “appropriately respond” to the trend of the yen

Tetsuji Kajimoto

TOKYO (Reuters) – Japan’s chief monetary diplomat Masato Kanda warned that the yen weakened sharply overnight after U.S. inflation data, saying he was not interested in currency movements. “Worried”.

Japan’s Vice Finance Minister for International Affairs Kanda told reporters: “We are monitoring the yen’s movements with a sense of urgency.”

“We will Respond appropriately to currency movements, barring any options.”

The dollar rose on Tuesday after strengthening against the yen, as well as the euro and other currencies – better-than-expected U.S. inflation data suggested the Fed may need to Stay positive on rate hikes.

The latest trading price in USD is approximately 144. 44.

Since the beginning of the year, the yen has depreciated by about 20% against the dollar.

Yen hit 24 new year lows last week, just below 24 Yen Higher fears

However, many market participants said Japanese policymakers had few effective tools to correct yen weakness, thought to be driven by Japan and the U.S. caused by differences in monetary policy.

While the Federal Reserve is raising interest rates to fight inflation, the Bank of Japan has been insisting on strong monetary easing to support the fragile economy.



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