Despite remarks from Finance Minister Katayama (片山) and Minister of State for Economic and Fiscal Policy Kiuchi (城内) cautioning against yen weakness, yen buying remained limited. Dollar-yen temporarily fell to the upper ¥158 range before resisting further declines.
Remarks from Finance Minister Katayama (片山) and Minister of State for Economic and Fiscal Policy Kiuchi (城内) cautioning against yen weakness were reported, but yen buying remained limited. Dollar-yen temporarily fell to ¥158.33.
Expectations of measures to curb yen weakness and speculation that the Bank of Japan will accelerate the pace of rate hikes remain in the market, but no definitive change in the Bank of Japan's policy or implementation of the government's economic stimulus measures has been reported. Dollar-yen continued to edge lower, although its decline was losing momentum.
Finance Minister Katayama (片山) said that she had "expressed concern about yen weakness" and that Japan and the United States had confirmed close coordination on various matters, including currencies. Meanwhile, Minister of State for Economic and Fiscal Policy Kiuchi (城内) said, "This is not an era for monetary easing," indicating his view that it was not the time to implement economic stimulus measures.