BOJ Kuroda Shows Joy at Halt to Yen’s Sharp Drop

Economy

Nagoya, Nov. 14 (Jiji Press)--Bank of Japan Governor Haruhiko Kuroda on Monday expressed satisfaction with the halt to the yen’s rapid slide.

“The abnormal, rapid and unilateral downtrend of the yen seems to have stopped now (thanks to Japanese authorities’ yen-buying, dollar-selling currency market interventions), and that is very good in itself,” Kuroda told a news conference in the central Japan city of Nagoya.

“It is difficult to imagine that the dollar’s sole rise will continue indefinitely,” he said, citing projections that economic growth in the United States will slow after recent large interest rate hikes by the U.S. Federal Reserve.

The U.S. unit had been rising against the yen since the beginning of this year. Recently, the dollar has been fluctuating wildly against the Japanese currency, such as falling over 7 yen in two days amid speculation about smaller U.S. rate hikes going forward.

“It is desirable that exchange rates move stably reflecting (economic) fundamentals,” Kuroda said.

[Copyright The Jiji Press, Ltd.]

Jiji Press Bank of Japan