The Minister of Finance of Japan Shunichi Suzuki expressed growing concern about the negative impact of the yen's depreciation, reiterating his warning against excessive fluctuations in the exchange rate.
Suzuki explained to a parliamentary committee that although a weak yen contributes to the growth of exporters' profits, it also creates an additional burden on companies and consumers by raising import prices.
He highlighted that the policy goal is to achieve wage increases that outpace inflation and emphasized growing concern about the adverse effects of the yen's weakness at this point.
Suzuki also assured that Japanese authorities would continue to closely monitor the impact of the exchange rate on the economy and households, reacting as necessary.
The yen hovered around 157 per dollar and traded at 156.80 per dollar on Tuesday morning in Asian markets.
G7 financial leaders over the weekend reaffirmed their commitment to tackling increased exchange rate volatility, which Japan sees as support for possible market intervention to prevent a rapid fall in the yen.
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