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Japan open to employ broad range of strategies in response to the yen reaching very low value

Japan's top currency diplomat, Masato Kanda, indicated the nation's openness to employing a broad range of strategies in response to the yen reaching its lowest value against the U.S. dollar in almost 34 years.

This statement came as the yen's value decreased beyond 153 against the dollar, a level not seen since June 1990, thereby igniting discussions about potential intervention by Japanese authorities to bolster the yen. Kanda characterized the decline of the yen as "rapid" and acknowledged the adverse effects of significant currency fluctuations on the economy. However, he did not specify whether a one yen change within a day would be deemed excessive enough to prompt new intervention efforts. Following a similar situation in October 2022 when the dollar neared 152 yen, Japan intervened in the market by selling U.S. dollars and purchasing yen. With the dollar's value exceeding 153 yen, analysts anticipate possible intervention actions.

Source: english.news.cn

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