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Japan ready to act again on forex if necessary: PM Kishida

Japan ready to act again on forex if necessary: PM Kishida

Japanese Prime Minister Fumio Kishida attends a news conference at the New York Stock Exchange (NYSE) on the sidelines of the 77th Session of the United Nations General Assembly in New York, U.S., September 22, 2022. REUTERS/Brendan McDermid

TOKYO: Japan will keep a close eye on currency market moves and act decisively against excessive fluctuations, Prime Minister Fumio Kishida said on Thursday (Sep 22), suggesting the government could act again after buying yen for the first time since 1998.

Japan intervened in the foreign exchange market earlier to buy yen in an attempt to shore up the battered currency after the Bank of Japan stuck to its ultra-low interest rates, further pressuring the currency against the dollar.

"The government will continue watching market moves closely with a high sense of urgency, and take necessary steps decisively in response to excessive fluctuations," Kishida told a news conference in New York.

Kishida, visiting the United States to attend the UN General Assembly, said Japan will ease its border controls from Oct 11, eliminating the cap on the number of entrants into Japan and allowing visa-free travel, including by individuals.

The prime minister also said he would issue instructions to his ministers on Sep 30 about compiling a fresh stimulus package.

"Upon compiling it in October, we will swiftly move to execution," he said.

Source: Reuters

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