Azumi indicates at currency market intervention

Japan's finance minister has again strongly indicated that he is prepared to step into the currency markets if necessary to stem the yen's rise.

Jun Azumi made the remarks to reporters at the Finance Ministry on Monday morning.

Azumi said he thinks the current foreign exchange rate does not reflect the real economy and that strong speculative moves are behind it. He said it is regrettable that the yen briefly renewed its record high against the dollar in Oceania for no apparent reason.

Azumi said Japanese authorities will take appropriate and resolute measures if necessary.

Monday, October 31, 2011 11:06 +0900 (JST)