Japan remains ready for 'decisive' action against yen depreciation

TOKYO: Japan stands ready to take 'decisive' action to stem the yen's depreciation, an official said on Tuesday, as the currency traded in the lower 160 range against the US dollar, near a level that previously prompted Japanese authorities to step into the currency market.

"Given the circumstances, there is no change in the fact that we are increasingly in a position to take decisive action," Finance Minister Satsuki Katayama said.

Japan's government and central bank spent a record 11.73 trillion yen (around $73.2 billion) on currency market intervention between April 28 and May 27 this year to support the country's currency amid its steep fall against the US dollar.

Before the operations, the yen had weakened to around 160.72 against the dollar, its lowest level since July 2024.

The interventions helped the yen strengthen to the 155 zone against the dollar at times, but their effectiveness appeared short-lived, as the currency has recently resumed its weakening trend. 

By RSS/Xinhua