With the yen approaching ¥160 to the dollar, Mimura Atsushi (三村 淳), Japan's vice minister of finance for international affairs, warned against the yen's rapid depreciation. His remarks, recalling the large-scale intervention this summer, signaled heightened vigilance to the market.
On the morning of the 12th, Mimura Atsushi (三村 淳), Japan's vice minister of finance for international affairs, told reporters that "the moves over the past few days have clearly appeared to be too rapid," warning against further yen depreciation. He warned the market that it was still too soon to forget this summer's memories.
In New York foreign exchange trading on the 11th, the yen temporarily fell to just short of ¥160 to the dollar as the US consumer price index exceeded market expectations, heightening expectations of additional rate hikes. In Tokyo trading on the 12th, the yen remained in the upper ¥159 range.
The government and the Bank of Japan conducted yen-buying and dollar-selling interventions totaling approximately ¥15.4 trillion from late July to early August this year, including coordinated intervention with the United States on 31 July. Mimura's remarks are viewed as intended to heighten market concerns about renewed intervention.