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Banknotes of Japanese yen. /Reuters
Japanese policymakers made fresh threats of intervention on Thursday after the yen tumbled past the key psychological level of 150 to the U.S. dollar, keeping investors on high alert in case Tokyo steps into markets again to support the fragile currency.
After the yen's first break beyond the symbolic mark since 1990, top currency diplomat Masato Kanda told reporters that authorities were "always ready to take necessary action as excessive volatility has become increasingly unacceptable."
The breach of the closely watched level heightens pressure on Tokyo to step into the currency market again to rein in the yen's relentless decline, which is adding to the country's already swelling import bill.
It also puts the Bank of Japan in the spotlight ahead of a policy meeting next week, when it is widely expected to maintain its ultra-low interest rates that are blamed for pushing down the yen.
Japanese Finance Minister Shunichi Suzuki also told reporters after the yen's latest slide that he would "take decisive action" against excessive, sharp yen moves.
"We cannot tolerate excessive, rapid currency market moves driven by speculative action," Suzuki said. "We will continue to watch currency moves meticulously and with a sense of urgency," he added. Suzuki said he wouldn't comment on specific yen levels.
The yen's break of 150 against the dollar took it to its weakest level since August 1990. It last traded at 149.770.
(Source: Reuters with edits)
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Disinformation report hotline: 010-85061466