Japan's Finance Minister: We Monitor the Yen's Weakness Closely

Japan's Finance Minister Katsunobu Kato stated that they will monitor the recent weakening of the yen more closely, noting that the movements appear rapid and one-sided. During a press briefing at the G20 finance ministers and central bank governors meeting, Kato said, "The government will carefully watch developments in the foreign exchange market, including speculative movements, and will further enhance the sense of urgency." The Finance Minister emphasized the importance of exchange rates moving stably in a way that reflects economic fundamentals, while refraining from commenting on exchange levels or intervention details. The yen briefly breached the 153 level against the dollar last night, reaching its weakest point in nearly three months. The dollar rose amid speculation that the pace of the Federal Reserve's rate cuts might be slower than previously anticipated. As of this morning, USDJPY is trading down 0.24% at 152.38 compared to yesterday.