The Japanese yen has weakened for weeks amid expectations the Bank of Japan would be slower than other central banks in tightening monetary policy.
The yen's current levels against the greenback won't be a problem, said Sakakibara, previously referred to as "Mr. Yen" when he led multiple currency interventions during the 1990s. He pointed out that the dollar-yen traded between 120 and 125 about four or five years ago.
A Japanese national flag flies outside the Bank of Japan headquarters in Tokyo, Japan, on Sept. 27, 2021. The Japanese central bank has for years adopted ultra-easy monetary policy in a bid to achieve its ever elusive inflation target.
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