Japan is ready to take all possible measures to counter excessively volatile exchange rate movements, Chief Cabinet Secretary Yoshimasa Hayashi said on Tuesday, keeping markets alert to the possibility of new interventions to support the yen.
Bank of Japan data released Tuesday suggested that Tokyo may have spent ยฅ2.14 trillion ($13.5 billion) on interventions last Friday. Combined with the estimated amount spent on Thursday, Japan is believed to have purchased nearly ยฅ6 trillion through intervention last week.
“It is important that exchange rates move stably and reflect fundamentals. Excessive volatility is undesirable,” Hayashi told a regular news conference ahead of the BOJ data release.
