Japan’s vice finance minister for foreign affairs, Masato Kanda, said on Monday that the yen, like the Swiss franc and the US dollar, is still regarded as a safe haven asset Despite recent weakening.
“If there were excessive fluctuations in the currency market, the government would take actions such as hiking interest rates or participating in the market,” Kanda said during an impromptu press conference.
“We will definitely take appropriate actions when necessary,” Kanda added.
Kanda declined to respond when questioned about recent statements by an International Monetary Fund (IMF) deputy bureau chief who stated that Japan has not put in place the required circumstances for the government to execute currency intervention.
Currency rates are determined by a number of factors, including long-term interest rates, according to Kanda.
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