Finance Minister Satsuki Katayama declined to comment if authorities intervened to support the yen last week, after reports said they had entered the market for the first time since 2024.
"As finance minister, at this stage I¡¯m not in a position to comment,¡± Katayama told reporters in Samarkand, Uzbekistan, on Sunday, when asked about the reported move. "Speculative moves have been continuing for some time,¡± she added.
Katayama spoke for the first time after Japan reportedly intervened in the currency market on Thursday to support the yen. An analysis of central bank accounts suggests Japan likely spent about $34.5 billion on the operation.
The yen strengthened sharply on Thursday after hitting ?160.72 per dollar earlier in the day. The currency gained further on Friday.
Thursday¡¯s suspected interventions came after authorities, including Katayama and top currency official Atsushi Mimura, issued strong warnings about foreign exchange action to traders. Katayama had said finance ministry officials would monitor the currency market even as much of Japan shuts down for the Golden Week holidays, which runs through Wednesday. It is typically a period when trading volumes are thin.
"Golden Week is still ongoing,¡± the finance minister said, when asked about further possible steps by authorities.
Official intervention data through April 27, released Thursday evening, showed that Japan had not entered the foreign-exchange market earlier in the month. Policymakers now have about a month until the next release, which would disclose any intervention after that date.
Katayama and Bank of Japan Deputy Gov. Ryozo Himino are attending a series of regional conferences, including the Asian Development Bank¡¯s annual meeting in Samarkand.
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