https://sputnikglobe.com/20220907/japan-vows-to-take-action-if-yen-keeps-falling-1100505450.html
Japan Vows to Take Action if Yen Keeps Falling
Japan Vows to Take Action if Yen Keeps Falling
Sputnik International
TOKYO (Sputnik) - The Japanese government will take action if the national currency, the yen, continues to fall, Japanese Chief Cabinet Secretary Hirokazu... 07.09.2022, Sputnik International
2022-09-07T13:38+0000
2022-09-07T13:38+0000
2023-04-06T12:14+0000
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"The foreign exchange market must be stable. Rapid changes are undesirable. Recently, unilateral movements have been observed in this market. The Japanese government is closely monitoring the foreign exchange market with great attention, but if these movements continue, we will take the necessary measures," Matsuno told reporters.The yen continued to fall on Wednesday, trading at 144.02 per US dollar for the first time since August 1998.One of the new reasons for the further depreciation of the yen was the data of US macro statistics, which turned out to be better than forecast. The US Services Business Activity Index rose to 56.9% in August from 56.7% in July, while experts expected a decline.In addition, the fall is explained by significant differences in the approaches of the US and Japanese central banks to monetary policy. The US Federal Reserve continues to increase the interest rate, while Japan, on the contrary, adheres to an ultra-soft monetary policy and keeps the rate negative.
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Japan Vows to Take Action if Yen Keeps Falling
13:38 GMT 07.09.2022 (Updated: 12:14 GMT 06.04.2023) TOKYO (Sputnik) - The Japanese government will take action if the national currency, the yen, continues to fall, Japanese Chief Cabinet Secretary Hirokazu Matsuno said on Wednesday.
"The foreign exchange market must be stable. Rapid changes are undesirable. Recently, unilateral movements have been observed in this market. The Japanese government is closely monitoring the foreign exchange market with great attention, but if these movements continue, we will take the necessary measures," Matsuno told reporters.
The
yen continued to fall on Wednesday, trading at 144.02 per US dollar for the first time since August 1998.
One of the new reasons for the further depreciation of the yen was the data of US macro statistics, which turned out to be better than forecast. The US Services Business Activity Index rose to 56.9% in August from 56.7% in July, while experts expected a decline.
In addition, the fall is explained by significant differences in the approaches of the US and Japanese central banks to monetary policy. The US Federal Reserve continues to increase the interest rate, while Japan, on the contrary, adheres to an ultra-soft monetary policy and keeps the rate negative.
