Japan has a “free hand” to take bold action against currency moves that are not in line with fundamentals, Finance Minister Satsuki Katayama said, in her strongest warning yet to speculators following the yen’s weakening even after a rise in interest rates.
“The moves were clearly not in line with fundamentals but rather speculative,” Katayama said in an interview on Monday, referring to a sharp weakening of the yen on Friday. “Against such movements, we have made clear that we will take bold action, as stated in the Japan-U.S. finance ministers’ joint statement,” she said.
The Japanese currency strengthened after Katayama’s remarks Monday, briefly dipping below ¥157 per U.S dollar. By Tuesday in Tokyo it had risen to around ¥156.30 after continuing to gain.
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