Japan Vows Effort to Maintain Orderly Yen Moves
Japan said it will keep close contact with the United States as the yen fell to around 155.50 and markets awaited a Bank of Japan rate hike.
- On Thursday, Chief Cabinet Secretary Minoru Kihara vowed to "continue to communicate closely" with the US Treasury Department, emphasizing Japan's commitment to maintaining an orderly currency market following the yen's recent slide.
- The Federal Reserve's interest rate hike on Wednesday triggered a broad dollar rise, pushing the yen to around 155.50 in Asia on Thursday, off a seven-month high hit earlier this month.
- Analysts say the BOJ's planned rate increase to a 31-year high of 1.25% on Friday is unlikely to prop up the yen unless Governor Kazuo Ueda delivers a hawkish message on future rate pace.
- Finance Minister Satsuki Katayama stated Japan remains determined to address "excessive currency volatility," noting the government's stance has not changed since the joint intervention with the United States in late July.
- Both Kihara and Katayama were re-appointed to their posts in a cabinet reshuffle announced later on Thursday, signaling policy continuity amid ongoing currency market pressures.
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Globo
CNN BrasilJapan will continue to strive to maintain orderly movements of the yen through close communication with the United States, said on Thursday the government's main spokesman after the currency fell again. Exclusive material for subscribers. To have full access, access the link of the subject and register.
Economy: Direct - The Japanese government's senior spokesman today Thursday said that Japan will continue to strive to maintain orderly Yen exchange rate movements through coordination with America...
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Key takeaways: The aggressive interest rate hike by the US Federal Reserve puts the Bank of Japan (BOJ) under significant pressure to stabilize the yen. The Fed raised interest rates and indicated that further increases are possible. As a result, the interest rate differential between the two countries has widened. The yen fell to 156.42 per dollar. That decline […]
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