Tokyo: Japanese Finance Minister Shunichi Suzuki on Wednesday declined to comment on whether Japanese authorities intervened into the foreign exchange market to stem the yen’s decline after the dollar topped 150 yen last night.

Suzuki told reporters that he “will not answer” whether there was an intervention. The Japanese government will take appropriate measures against excessive currency fluctuations without ruling out any options, he said.

Stable foreign exchange rates are desirable, and excessive fluctuations are undesirable, Suzuki said, adding that the Japanese government is keeping a close eye on the market.

The dollar surpassed 150 yen in New York trading Tuesday for the first time since late October last year before falling back sharply below 148 yen.

Japanese authorities spent a record 5.6 trillion yen to buy yen for dollars in stealth operations after the dollar last rose above 150 yen on Oct. 21 last year.

Masato Kanda, vice finance minister for international affairs, told reporters Wednesday that the dollar’s rise above 150 yen is not a direct trigger for intervention.

But he added, “If there is a very large movement over a certain period of time, it could be regarded as an excessive fluctuation.”

JIJI Press