Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Azumi Pledges ‘Decisive’ Acts Should Excessive Yen Moves Persist

Japanese Finance Minister Jun Azumi
Jun Azumi, Japan's finance minister. Photographer: Haruyoshi Yamaguchi/Bloomberg

June 1 (Bloomberg) -- Japanese Finance Minister Jun Azumi pledged to take “decisive” action on currencies after the yen climbed to its highest level since February against the dollar.

“We will continue to carefully monitor currency market moves with more caution,” Azumi told reporters in Tokyo today. “If these excessive moves continue, I think I must take decisive action” on the yen, he said.

The finance chief said it was “regrettable” that developments in Europe were weighing on Japanese stock prices and those movements didn’t reflect the strength of the world’s third-largest economy. His pledge to take “decisive” action was stronger than remarks he made yesterday, when he said he was watching movements in the foreign-currency market.

“It’s obvious that the recent one-sided moves don’t reflect the fundamentals of the Japanese economy,” Azumi said. Group of Seven members “have repeatedly confirmed that excessive currency moves are undesirable.”

The yen traded at 78.55 per dollar as of 9 a.m. in Tokyo, after touching 78.21 yesterday, the highest since Feb. 15. It has strengthened against all its 16 major counterparts this week.

To contact the reporter on this story: Mayumi Otsuma in Tokyo at motsuma@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.