Japan signals readiness to act in FX market if sharp yen volatility persists

Japan"s Finance Minister Shunichi Suzuki said on Friday he would not rule out any options in taking action in the foreign exchange market if sharp weakening in the yen persisted.

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Suzuki told reporters at the ministry that he was concerned about the recent rapid and one-sided weakening in the yen, which hit a 24-year low against the dollar earlier this month.

His comments reiterated similar rhetoric by Japanese authorities earlier this month.

Earlier on Wednesday, the Bank of Japan conducted a rate check with banks in apparent preparation to step in to tame sharp yen falls.

"If such moves persist, the authorities would take necessary action without ruling out any options," Suzuki said.

"It"s important for currencies to move stably reflecting economic fundamentals. Sharp moves are undesirable."

Suzuki said a weak yen has both merits and demerits, and he could not label it as right or wrong.

The dollar was down 0.37 per cent against the Japanese yen to 142.96, helped a little by speculation of a potential currency intervention by Japanese authorities.

Market attention is focused on a slew of monetary policy meetings by the Federal Reserve, the Bank of Japan, and the Bank of England next week.