Japan Pledges Readiness for Currency Intervention Amid Yen Surge

Japanese Finance Minister Satsuki Katayama has reaffirmed the country's readiness to intervene in foreign exchange markets. This comes after the US dollar approached a fresh 39-year high of 164 yen. The minister stated at a press conference that authorities stand ready to take resolute actions if necessary, echoing the sentiments of the US Treasury Department.

The US department had earlier expressed concern over 'excess volatility in the yen', which is undesirable according to their statement. Katayama emphasized that Japanese and US authorities are closely communicating on a 24-hour basis, as per the joint statement between Japan and the US in September.