Japan’s top currency diplomat said the government was ready to take action against “excess moves” in the yen as Asian currencies showed further weakness against a resurgent US dollar in the wake of Donald Trump’s election victory.
The Japanese yen fell past ¥154 against the dollar to briefly hit a fresh intraday low on Thursday taking it to its weakest level since late July. The yen has weakened against the greenback since mid-September as investors bet on slower interest rate rises in Japan.
Talking to reporters in Tokyo, Atsushi Mimura said the authorities were closely watching developments in the currency market “with utmost urgency” and that recent moves had been “one-sided and drastic”.
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