Japan does not rule out any measures to counter weak yen: currency official

Japan will not rule out any measures to deal with excessive currency moves, as the Japanese yen hit its weakest level against the U.S. dollar in nearly 34 years, the country's top currency diplomat said Thursday.

Masato Kanda, vice finance minister for international affairs, made the comments after the yen plunged past 153 against the U.S. dollar in currency trading earlier on Thursday for the first time since June 1990, fueling speculation that Japanese authorities will intervene to support the yen.

Kanda described the yen's fall as "rapid," noting that excessive currency moves will have a negative impact on the economy, but he refrained from commenting on whether a move of one yen in a day is considered an excessive level that could trigger a fresh round of market intervention.

Japanese authorities sold U.S. dollars and bought yen after the dollar rose close to 152 yen in October 2022. Analysts here said it is not surprising that foreign exchange intervention will take place at any time now that the dollar topped 153 yen.