Japan concerned about ‘rapid and one-sided’ movements in FX market – senior spokesperson

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TOKYO, Sept 7 (Reuters) – The Japanese government wants to act if the “swift and unilateral” movements seen recently in the currency market continue, a Japanese government spokesman warned on Wednesday after the yen hit a fresh higher low in 24 years.

The comments marked the latest verbal warning from officials against the fall of the yen, which fell as low as 143.745 to the dollar on Wednesday after falling about 1.5% the day before.

“I am concerned about the rapid and one-sided movements in the foreign exchange market lately,” Chief Cabinet Secretary Hirokazu Matsuno told reporters at a news conference, using stronger language on the yen’s slide than officials’ remarks earlier this week.

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The government “would like to take the necessary measures if such movements continue”, he said, adding that sharp fluctuations were not desirable.

Meanwhile, Finance Minister Shunichi Suzuki, quoted by the Jiji news agency, said the yen’s recent movements in the foreign exchange market were “somewhat rapid and one-sided”.

The Japanese currency has lost around 20% since the start of the year, driven down mainly by divergent monetary policies between Japan and the United States.

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Reporting by Kantaro Komiya; Written by Daniel Leussink; Editing by Chang-Ran Kim and Bradley Perrett

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