Gov’t, BOJ warn against yen’s rapid rise

February 18, 2018

Tokyo- Senior Japanese government and Bank of Japan officials held an emergency meeting on Friday in response to the yen's rapid rise.

"Moves on the foreign exchange market have been one-sided," Vice Minister of Finance for International Affairs Masatsugu Asakawa told reporters after the meeting.

"Excessive volatility and disorderly movements in exchange rates are not good for economic and financial stability," he said. "We'll take appropriate measures as necessary," Asakawa added, warning against speculative trading.

In Tokyo currency trading Friday, the dollar briefly plunged to a 15-month low of 105.55 yen.

The meeting was attended by Asakawa, Financial Services Agency Commissioner Nobuchika Mori and BOJ Executive Director Masayoshi Amamiya. It was the first such three-way gathering among the MOF, the FSA and the BOJ since Jan. 29.

At Friday's meeting, the participants also confirmed that the government and the central bank will remain united to beat deflation in the country. Jiji Press