Govt., BOJ officials meet as yen dips to 34-year low

Officials from Japan's government and central bank held discussions on Wednesday after the yen weakened to levels not seen in almost 34 years.

Representatives from the Finance Ministry, the Financial Services Agency and the Bank of Japan agreed at the ad hoc meeting that excessive fluctuations in exchange rates are not desirable.

The yen briefly fell to 151.97 against the dollar on Wednesday.

Many investors have taken the view that Japan's relaxed monetary environment would continue even after the BOJ ended its negative interest rate policy last week.

Kanda Masato, Japan's Vice Minister of Finance for International Affairs, said, "If we consider the yen's depreciation, inflation and differences in Japanese and US monetary policies, there are speculative moves in the market that cannot be explained by economic fundamentals."

Kanda added that the government won't rule out any action when dealing with excessive currency moves.