Japan's finance minister warns against currency market moves

Japan's finance minister has issued another warning against excessive currency market moves. Suzuki Shunichi suggested recent developments have created the conditions to resolve the sharp drop in the yen.

Suzuki made the remarks at an Upper House committee meeting. He was asked about a possible market intervention to prop up the Japanese currency.

"I won't say what the appropriate response is," he said. "But as to whether the environment leading to that step has been created, I think it can be understood to be so."

Suzuki said he expressed strong concern over the yen's depreciation at a series of meetings last week in Washington. One of them included the financial chiefs of Japan, the United States and South Korea.

The yen is at a 34-year low against the dollar. Suzuki said he told officials at the meetings that the weaker yen is pushing up import prices in Japan.

He added that he believed he was able to convey the seriousness of Japan's situation to the other countries.