Minister Suzuki signals intervention

Japan’s Finance Minister reiterated his warnings after the yen fell to its lowest level since 1986. Japanese Finance Minister Shunichi Suzuki said after the yen fell to its lowest level against the dollar since 1986 that Japan would take the necessary steps to defend its currency as it is wary of sudden and unilateral moves. “While it is desirable for the exchange rate to move stably, sudden, unilateral moves are not desirable. We have serious concerns about the impact on the economy. We will analyze the background of this move and take the necessary steps as necessary,” Suzuki said in a statement. Suzuki declined to comment on the level of the currency, saying such statements could affect the market. The Japanese currency fell to 160.87 per dollar, above levels where authorities intervened in the market earlier this year. The yen was traded at 160.45 per dollar in morning trading in Tokyo.