{"id":1631030,"date":"2022-09-02T11:20:12","date_gmt":"2022-09-02T15:20:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1631030"},"modified":"2022-09-02T11:20:21","modified_gmt":"2022-09-02T15:20:21","slug":"japan-warns-of-action-as-yen-slides-to-24-year-low","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/japan-warns-of-action-as-yen-slides-to-24-year-low\/","title":{"rendered":"Japan warns of action as yen slides to 24-year low"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjapan-warns-of-action-as-yen-slides-to-24-year-low%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1631030&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Tetsushi Kajimoto and Kantaro  Komiya<\/p>\n<p>TOKYO (Reuters) -Japanese Finance Minister Shunichi Suzuki said on Friday that Tokyo will take \u201cappropriate\u201d action as needed on the yen\u2019s slide to a fresh 24-year low against the dollar, signaling the chance of intervention to address market volatility.<\/p>\n<p>\u201cMy impression is that currency market volatility has become somewhat high recently,\u201d Suzuki told a news conference.<\/p>\n<p>\u201cExcessive, disorderly currency moves could have a negative impact on the economy and financial conditions,\u201d he said. \u201cWe will respond appropriately as needed, working closely with authorities of other countries.\u201d<\/p>\n<p>The remarks came after Japan\u2019s top government spokesperson warned again on Friday that the authorities were watching currency moves with a high sense of urgency.<\/p>\n<p>\u201cIt\u2019s important for currencies to move stably reflecting fundamentals. Sharp volatility is undesirable,\u201d Chief Cabinet Secretary Hirokazu Matsuno told a news conference.<\/p>\n<p>\u201cCurrency market volatility is heightening recently, so the government will closely watch exchange-rate moves with a high sense of urgency,\u201d he said, repeating comments he made on Thursday.<\/p>\n<p>The dollar hit a new 24-year high of 140.23 yen in overnight trading on Thursday, breaking above the psychologically-important 140 threshold on prospects of aggressive U.S. interest rate hikes. The dollar stood at 140.02 yen in early Asia trade on Friday.<\/p>\n<p>Still, investors took the government\u2019s verbal warnings in stride as the yen\u2019s current weakness is in line with economic fundamentals driven by divergence in monetary policy and interest rate differentials between Japan and the United States.<\/p>\n<p>The U.S. Federal Reserve is expected to continue large-scale rate hikes this month to temper price pressures while the Bank of Japan sticks to powerful monetary easing to support a fragile economy with still low inflation.<\/p>\n<p>\u201cThe yen weakening has been in line with fundamentals, caused by rapid U.S. rate hikes, which is hard to resist,\u201d said Masafumi Yamamoto, chief FX strategist at Mizuho Securities.<\/p>\n<p>\u201cThe yen will likely weaken further to 142 yen. At this stage, dollar-selling intervention or BOJ rate hikes would be nothing but a drop in the bucket in shifting the tide.\u201d<\/p>\n<p>Dollar-selling intervention is historically rare in Japan as the authorities tend to warn against a strong yen whenever investors rush into the safe-haven currency. A strong yen hurts export competitiveness for Japan\u2019s trade-reliant economy.<\/p>\n<p>Japan last intervened in the currency markets to stem the yen\u2019s strength in 2011 when a devastating earthquake and tsunami struck the country\u2019s north-eastern areas and caused the Fukushima nuclear crisis, triggering a flight to safety.<\/p>\n<p>As for dollar-selling intervention, Japan last intervened in the market during the 1997\/98 Asian financial crisis.<\/p>\n<p> (Reporting by Tetsushi Kajimoto and Kantaro Komiya, Writing by Leika Kihara; Editing by Jacqueline Wong)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2744320\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8101D-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8101D-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Tetsushi Kajimoto and Kantaro Komiya TOKYO (Reuters) -Japanese Finance Minister Shunichi Suzuki said on Friday that Tokyo will take \u201cappropriate\u201d action as needed on the yen\u2019s slide to a<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1631030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1631030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1631030"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1631030\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1631030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1631030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1631030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}