© Stocksak. FILE PHOTO: Janet Yellen, U.S. Treasury Secretary, participates in a discussion during the annual Freedman’s Bank Forum at Treasury Department in Washington, U.S.A, October 4, 2022. REUTERS/Michael A. McCoy
TOKYO, Stocksak – U.S. Treasury Sec Janet Yellen respects Japan’s stance not disclosing whether or not it has intervened on the foreign exchange market. Japan’s top currency diplomat said Wednesday that he was in close communication with the United States each day.
“We will monitor market to see if excessive, disorderly moves are and will continue taking decisive steps as necessary,” Masato Kanda, Vice Finance Minister for International Affairs, told reporters at the ministry.
Japanese authorities have not revealed whether they entered the currency market since the Sept. 22 yen buying intervention. However, sources claim that stealth intervention was carried out last Friday and Monday.
According to market estimates Japan could spend as high as 9.2 trillion Japanese yen ($62 billion) to support its currency since last month, according to market estimations.
The dollar was generally weaker Wednesday morning amid signs that Federal Reserve rate rises are slowing the U.S. economic growth. Friday’s 151.94 yen was a record high for the greenback, which reached a 32-year peak against the yen.
($1 = 148.0300 yen)