Following a deal made by the Group of Seven and the Group of Twenty last week on the movements of the foreign exchange market, Canda assured reporters at the Ministry of Finance that each nation would react correctly.
When Canda made these comments, the yen had just reached its lowest point in relation to the dollar in 32 years, hovering around 149 yen, raising concerns about the already burdensome import costs for individuals and businesses.
Even though Japan intervened in the foreign exchange market last month to bolster the yen in a first-time attempt since 1998, the significant loss nevertheless occurred.
The high prices of imported fuel and food can be made worse by the yen’s excessive landing, which can hurt households and retail merchants.
On the other hand, the daily Nikki newspaper quoted Finance Minister Shunici Suzuki as saying on Monday that the authorities will take decisive steps against the excessive moves of the currency caused by speculation.
The minister was quoted by Nikki as adding, “We are continually monitoring the currency movements with a sense of urgency.”
Japanese Finance: If there are too many pallets, we will react aggressively.
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