Mimura: Japan Ready to Act on Excessive Yen Moves

Japan's top currency diplomat, Masato Mimura, has reaffirmed the country's readiness to intervene in the foreign exchange market as the yen hovers near multi-decade lows. Speaking after a regular meeting of the Ministry of Finance, Mimura stated that authorities are 'always prepared' to take suitable measures against excessive currency moves.

The yen has been under persistent pressure due to the wide interest rate differential between the U.S. and Japan. While the Bank of Japan has begun to normalize policy, it remains far from the levels seen in the U.S., keeping the yen vulnerable.

Mimura emphasized that Japan will respond appropriately to speculative and disorderly moves, without ruling out any options. The government is closely watching market developments with a high sense of urgency, particularly as the dollar-yen rate has been trading around 161, raising concerns about import costs and households.