Pressure continues on yen

The Japanese yen fell to its lowest level against the dollar yesterday, at one point since 1986. The Japanese yen fell to its lowest level against the dollar yesterday, at one point since 1986, supporting expectations that it will once again have to intervene in the currency market. Following the yen’s slide, Japanese Finance Minister Shunichi Suzuki told reporters that it would take necessary measures to defend the Japanese currency. “It is desirable for the exchange rate to move stably,” he said on Thursday morning. The country’s Deputy Finance Minister Masato Kanda said earlier that it was monitoring currency markets “with a high degree of urgency” and would take appropriate action if necessary. Kanda described the currency’s recent move as “rapid” and “unilateral,” but did not comment on whether it was excessive.