Bloomberg News

Azumi Says Japan Will Take Bold Actions on Yen If Necessary

October 24, 2011

(Updates with Azumi comment in the second paragraph.)

Oct. 25 (Bloomberg) -- Japanese Finance Minister Jun Azumi reiterated his commitment to take “bold” action in currency markets when necessary, remarks that helped the yen weaken against the dollar.

’’I will take bold actions’’ if trading is speculative and doesn’t reflect economic fundamentals, Azumi said at a press conference in Tokyo today. Finance Ministry staff have been ordered to be prepared to take action, he said.

The yen fell to 76.18 per dollar as of 9:44 a.m. in Tokyo. It rose to a postwar high of 75.82 on Oct. 21. The leader of the Keidanren, the nation’s largest business lobby, this week called on authorities to intervene unilaterally to weaken the currency.

--Editors: Lily Nonomiya, Ken McCallum

To contact the reporter on this story: Toru Fujioka in Tokyo at tfujioka1@bloomberg.net

To contact the editor responsible for this story: Ken McCallum at kmccallum4@bloomberg.net


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