Japan to respond to excessive yen volatility

Yen volatility: Japanese Chief Cabinet Secretary Yoshimasa Hayashi said on Tuesday authorities would respond appropriately to excessive currency volatility, in a fresh warning as the yen has fallen close to the key 160 per dollar level.

Speaking at a regular press conference, Hayashi, the country's top government spokesperson, said excessive volatility in foreign exchange is undesirable as it negatively affects the economic activities of companies and households.

"We are closely watching currency moves and will respond appropriately to excessive volatility," he said.

Earlier on Tuesday, Japanese Finance Minister Shunichi Suzuki told broadcaster TBS that it is most important for currency rates to move in a stable manner, reflecting economic fundamentals.

"We would respond appropriately to excessive currency moves," Suzuki told TBS at the Tokyo Haneda airport. Suzuki was flying to Seoul to attend a bilateral meeting with his South Korean counterpart on Tuesday.

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