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Wednesday, Japanese Finance Minister Hirohisa Fujii reiterated that the government would intervene in the foreign exchange market if it moves abnormally. He noted that now is the stage to monitor the market calmly.
In reaction to Fujii's comments, the Japanese yen jumped to a new multi-month high against the U.S. dollar. The yen also soared to new multi-day highs against the currencies of U.K., Switzerland and Europe. But since 6:45 am ET today, it has been trading lower against its major counterparts.
Since he took charge in September, Fujii has voiced support for a strong yen as he felt it would help to improve domestic demand. But, by the end of September, he reversed his comment saying that the government may take necessary steps in the national interest.
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