Rapid Weakening of Yen "Unfavorable": BOJ Kuroda

Economy Politics

Tokyo, Sept. 9 (Jiji Press)--Rapid fluctuations in foreign exchange rates are "unfavorable as they make corporate management unstable and raise future uncertainty," Bank of Japan Governor Haruhiko Kuroda said Friday, expressing concern over the yen's recent fast depreciation.

Kuroda made the remarks to reporters after exchanging opinions with Prime Minister Fumio Kishida the same day on recent currency market developments and the economic situations in Japan and abroad.

The dollar's fluctuations of as much as 1, 2 and 3 yen in a day, are "rapid," Kuroda said, suggesting that it is desirable for exchange rates to move stably reflecting economic fundamentals.

The central bank will continue to "pay close attention" to the currency market situation, Kuroda said, while noting that Kishida did not give any instructions or make any request to the BOJ at the meeting, held at the prime minister's office.

After the remarks by Kuroda reached the Tokyo currency market, the dollar briefly gave up nearly 0.5 yen to fall below 143.50 yen.

[Copyright The Jiji Press, Ltd.]

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