Katayama Warns of Decisive Action as Yen Remains Stuck at Upper 163 Level

The yen remained stuck in an upper range of 163 per dollar on Friday morning's foreign exchange trading, despite Finance Minister Satsuki Katayama's warning that the Japanese government would take 'decisive action' to stabilize its currency. The dollar traded at 163.80-90 yen as of 9:05 a.m., unchanged from the previous day's level.

Katayama's comments at a press conference following a cabinet meeting were intended to deter yen selling, but they had a temporary effect on markets. The dollar briefly weakened to 163.90 yen, its lowest point against the currency in about 40 years.

The current market mood is cautious, with tensions in the Middle East being closely watched after reports that US President Trump was considering resuming large-scale military strikes against Iran. This has led to a surge in crude oil futures prices and 'safe-haven dollar buying'.