Japan's top currency diplomat Masato Kanda on Friday said authorities are ready to take decisive action in the currency market if excessive moves in the yen continue.
In a statement issued on Wednesday, the Group of Seven finance leaders said they will closely monitor "recent volatility" in markets, and reaffirmed their position that excessive exchange-rate moves were undesirable.
The dollar jumped about 1% to a fresh 32-year high of 148.83 yen on Friday as investors remained focused on the policy divergence between the U.S. Federal Reserve's aggressive interest rate hikes and the Bank of Japan's ultra-low rates. "I won't comment on specific market moves," Kanda said when asked whether the yen's sharp declines in recent days were deemed volatile. "I will, however, mention that many people believe recent moves have been somewhat rapid," he added.
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