Finance minister: Currency intervention 'effective'

Japanese Finance Minister Suzuki Shunichi says the country's recent intervention in the currency market had some effect in stabilizing the yen.

Suzuki was speaking on Tuesday after his ministry admitted on Friday that the government and the Bank of Japan had funneled nearly 9.8 trillion yen, or about 62 billion dollars, into the market over the past month.

Suzuki said the interventions were aimed at addressing excessive yen moves partly stemming from speculative activities by investors. He added that he felt the measure had worked to some extent. He said his ministry will keep a close watch on currency moves, and take all necessary measures.

The minister also mentioned the scandal over safety tests involving five vehicle makers.

He said he worries that many companies could be affected, resulting in large-scale production cuts.