In the face of Yen’s swift depreciation, top Japanese currency diplomat Masato Kanda expressed concern on Monday, describing the recent changes as “rapid and one-sided. He added that “We have all options available and we are not ruling out any options.”
Kanda, Vice Finance Minister for International Affairs, however, refrained from using the phrase “decisive action,” a term he used before Japan intervened in the currency market last year. This careful choice of words suggests that while officials are monitoring the situation, they may not be ready to step in just yet.
Adding to this sentiment, Finance Minister Shunichi Suzuki highlighted the ongoing vigilance of the government, stating that “we will continue to watch the forex market with a sense of urgency.”
In keeping with this sense of readiness, Suzuki assured that authorities would respond “appropriately” to any excessive currency swings, indicating that the government is primed to intervene if necessary.
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