Japan warns of necessary steps on currency moves

TOKYO, June 27 (KUNA) -- Japanese Finance Minister Shunichi Suzuki warned on Thursday that the government will take necessary actions on foreign exchange moves after the yen weakened to a 38-year low against the dollar.

"Rapid and one-sided moves in exchange rates are undesirable. In particular, we are deeply concerned about the impact on the economy," Suzuki told reporters.
The minister made remarks after the Japanese yen fell to the mid-JPY 160 against the dollar in Tokyo, the lowest level since December 1986, and touched the psychologically important threshold earlier in the day. "We will analyze the background to these movements with a high sense of urgency, and take necessary measures," Suzuki said. At 3:00 pm (0600 GMT), the US dollar traded at JPY 160.35-37 versus JPY 160.78-88 in New York and JPY 159.89-91 in Tokyo at 5:00 pm Wednesday. (end) mk.hb.