Japan's Azumi vows decisive action on yen if needed
TOKYO, Sept 14 |
TOKYO, Sept 14 (Reuters) - Finance Minister Jun Azumi said on Friday that Japan stands ready to take decisive action against excessive yen rises if necessary after it hit a seven-month high against the dollar following the Federal Reserve's launch of a new stimulus programme.
"We will not rule out any measures against excessive moves, and take decisive measures when necessary," Azumi told reporters after a cabinet meeting.
Azumi also said he wants the Bank of Japan to respond to the current economic situation as appropriate. The central bank holds a policy-setting meeting next Tuesday and Wednesday.
In a significant shift in monetary policy, the Fed said it will buy $40 billion of mortgage debt per month and will continue to purchase those and other assets until the outlook for jobs shows marked improvement.
The dollar traded at around 77.53 yen after hitting a low of 77.11, its lowest since Feb. 9. Further falls would put markets on alert for possible intervention by Japanese monetary authorities to stem the rise in the yen, traders said.
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