(Bloomberg) — Japan stepped up its verbal defense of the yen another notch Tuesday after the currency broke through the 127 mark against the dollar and made clear progress toward 128, setting another string of fresh 20-year lows along the way.
Most Read from Bloomberg
Finance Minister Shunichi Suzuki said the Japanese currency was weakening rapidly and flagged that the impact of the moves could also be harmful for the economy.
“There are positive aspects to it, but given the current economic climate, strong negative aspects exist,” said Suzuki, referring to the rise in import costs, and damage to firms that can’t pass on increasing costs as a result of the weaker currency. “We are monitoring moves in the foreign exchange market with a strong sense of vigilance.”
Read More: Yen Tumbles in Longest-Ever Losing Streak on BOJ-Fed Contrast
But Suzuki also said it was up to markets to decide currency rates, a comment that suggests there is still no intention on the part of Japan’s…
__________________________________________________
You can Read this Complete Story at:
Source Link
__________________________________________________
Tags:
Dow Today, Dow Jones Today
__________________________________________________
Related Links:
Stock Market
Latest News on C N N.
__________________________________________________
2022-04-19 03:16:24
