The Japanese yen tumbled to its lowest level against the United States dollar since 1990 on Wednesday, with the dollar briefly going for ¥151.97350 against the yen, forcing Finance Minister Shunichi Suzuki to step up his warnings of a market intervention.
Suzuki stated on Wednesday that the Japanese authorities will "take the utmost measures" to ensure stability in the foreign exchange market, stressing that it is up to the Bank of Japan (BoJ) to decide on the specific monetary policy steps. He underscored the importance of coordination between the Japanese government and the BoJ regarding future policies. Additionally, BoJ Governor Kazuo Ueda stated that "if developments worsen sharply" the BoJ won't rule out "taking any options."
The drop in the currency came after the BoJ shifted away from its negative interest rate policy last week, hiking interest rates for the first time since 2007.
