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Japan ready to act again on forex if necessary – PM Kishida

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Japan ready to act again on forex if necessary – PM Kishida By Reuters

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(C) Reuters. FILE PHOTO: Japanese Prime Minister Fumio Kishida speaks during a news conference at the prime minister’s official residence in Tokyo, Japan, August 10, 2022. Rodrigo Reyes Marin/Pool via REUTERS/File Photo

TOKYO (Reuters) -Japan will keep a close eye on currency market moves and act decisively against excessive fluctuations, Prime Minister Fumio Kishida said on Thursday, suggesting the government could act again after buying yen for the first time since 1998.

Japan intervened in the foreign exchange market earlier to buy yen in an attempt to shore up the battered currency after the Bank of Japan stuck to its ultra-low interest rates, further pressuring the currency against the dollar.

“The government will continue watching market moves closely with a high sense of urgency, and take necessary steps decisively in response to excessive fluctuations,” Kishida told a news conference in New York.

Kishida, visiting the United States to attend the U.N. General Assembly, said Japan will ease its border controls from Oct. 11, eliminating the cap on the number of entrants into Japan and allowing visa-free travel, including by individuals.

The prime minister also said he would issue instructions to his ministers on Sept. 30 about compiling a fresh stimulus package.

“Upon compiling it in October, we will swiftly move to execution,” he said.

Japan ready to act again on forex if necessary – PM Kishida

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