Japan MOF Official Warns against Volatile Forex Moves

Economy Politics

Tokyo, June 21 (Jiji Press)--Japanese Vice Minister of Finance for International Affairs Masatsugu Asakawa warned against volatile moves on the foreign exchange market Friday.

"Excessive fluctuations of foreign exchange rates are not good for the economy or financial markets," Asakawa told reporters. "We'll cooperate with authorities in other countries if necessary."

"We'll also take action in an appropriate fashion if need arises, in accordance with agreements among the Group of Seven and Group of 20 economies," he added.

The dollar nearly slipped below 107 yen in Tokyo trading Friday amid speculation over an early interest rate cut by the U.S. Federal Reserve.

Asakawa made the comments after an unscheduled meeting on financial market developments among the Finance Ministry, the Financial Services Agency and the Bank of Japan.

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Jiji Press