Japan warns of 'appropriate' steps against excessive decline in yen

Finance Minister Shunichi Suzuki said markets would be on alert for intervention in yen buying. Finance Minister Shunichi Suzuki said on Wednesday that Japan would take appropriate steps against excessive movements in the yen "without ruling out any options", adding that markets would be on alert for intervention in yen buying. Suzuki told reporters he would not comment on whether Tokyo had intervened in the currency market overnight to support the yen. "Exchange rates need to move steadily, driven by the markets and reflecting fundamentals. Sharp movements are undesirable," Suzuki told reporters.