Japan closely watching yen movement

Currency concerns: Employees work at a foreign exchange trading company in Tokyo. Japanese officials have not yet offered specifics on how they might act to stem the yen’s rapid depreciation. — Reuters

TOKYO: The Japanese government must take necessary measures while paying close attention to the yen’s undue, one-sided movement, a senior official says, without elaborating.

“We have to take necessary steps while closely monitoring developments including excessive, one-sided moves in the exchange rate,” Deputy Chief Cabinet Secretary Seiji Kihara said during a TV programme yesterday.