Japan's top currency diplomat renews volatility warning as yen nears key 160 level

Tokyo, November 12 - Japan's top currency diplomat, Atsushi Mimura, has once again cautioned against excessive foreign exchange volatility, as the yen continues to approach the crucial 160-per-dollar threshold. Mimura, who serves as the vice finance minister for international affairs, declined to comment on the present exchange rate but expressed concern over the rapidity of recent currency movements.

He reminded reporters that it is still premature to forget the events of this summer, specifically referring to Japan's yen-buying interventions carried out in late July and early August, including a joint operation with the United States. The dollar reached 159.94 against the Japanese yen early Thursday, marking its strongest point in over two months.

This surge was driven by heightened expectations of an interest rate hike by the Federal Reserve, following strong US inflation data and cautious statements from policymakers. For the latest updates on breaking news and top stories, subscribers can sign up for notifications and join the channel for the finest reads of the day on their preferred chat application.

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