TOKYO : Japanese authorities could intervene in the foreign exchange market to stem sharp falls in the yen “at any time” if its moves are excessive enough to warrant such action, a former top currency official in Japan told Reuters on Monday.
Examples of Japanese yen banknotes are displayed at a factory of the National Printing Bureau producing Bank of Japan notes at a media event about a new series of banknotes scheduled to be introduced in 2024, in Tokyo, Japan, November 21, 2022. REUTERS/Kim Kyung-Hoon/File Photo
"The yen has weakened severely against the dollar," Nakao said, citing the IMF's gauge of real effective currency rates and the so-called Big Mac index designed to compare the purchasing power of currencies to buy hamburgers worldwide. "It's undesirable,” Nakao said, referring to the yen's fall of about 30 per cent against the dollar since 2022. The yen was last trading at around 151.70. It hit a 34-year low of 151.97 in March.Japanese officials have warned against"speculators" trying to sell off the yen, saying that they would not rule out any measures to respond flexibly to excessive currency moves.
"It would be easier to get understanding from other countries when Japan intervenes to shore up the yen, rather than to weaken it to gain export competitiveness," Nakao said.
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