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Watching currency movements closely By Reuters

by SuperiorInvest

© Reuters. A man takes a photo of a board showing the exchange rate of the Japanese yen against the U.S. dollar in front of a brokerage agency in Tokyo, Japan, September 7, 2022. REUTERS/Kim Kyung-Hoon/File Photo

By Leika Kihara

TOKYO (Reuters) – Japanese Finance Minister Shunichi Suzuki said on Friday the government was watching currency movements closely when asked about recent rapid falls in the yen.

“It is important that exchange rates move stably and reflect fundamentals,” Suzuki said at a regular news conference.

The dollar has risen almost 5% against the yen this year on lower market expectations that the Bank of Japan (BOJ) will soon take interest rates out of negative territory. The Japanese currency was trading at 148.12 per dollar on Friday.

“We hope that the BOJ, working closely with the government, will carry out appropriate monetary policy to sustainably and stably achieve its inflation target,” Suzuki said, when asked if the government had any hope about how soon the central bank would end negative interest rates.

The BOJ is widely expected to keep ultra-loose monetary policy intact at its meeting next week.

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