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Japan continues to struggle with dollar for 'yen'

The Japanese government stated that the latest intervention in the yen was "a warning to speculators" and that it was ready to "resolute" again against possible unstable yen movements.

Japan continues to struggle with dollar for 'yen'

The depreciation of the Japanese yen in foreign markets worries the government and Japanese financial authorities. The Japanese yen continues its biggest depreciation in 24 years against the US dollar.

After the government's "buying yen, selling dollar" intervention at the end of last month, Japanese yen, which briefly balanced the depreciation against the US dollar, approached the "psychological 1 USD : 145 yen" level at the beginning of the week.

Finance Minister Suzuki Shuniçi said, "There were speculators behind the sudden and one-way movements. We made the last intervention and we declare that we will act decisively if necessary." used the phrase.

Reiterating that currency movements should be stable, Suzuki added that the Japanese government is monitoring market developments with "a high sense of caution".

On September 22, Japan spent 2.84 trillion yen ($19 billion) in its first-record "buy yen, sell dollar" intervention since 1998. This move caused the US dollar to temporarily drop by 5 yen.

The weak Japanese yen is considered a "double-edged sword". While Japanese exporters increase their overseas profits, on the other hand, energy and raw material import input costs increase.


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