Japan’s Chief Cabinet Secretary Hirokazu Matsuno said on Monday, the government is “monitoring impact of weak yen on the Japanese economy closely with a sense of urgency.”
Matsuno added: “Best that forex market maintains stability while reflecting fundamentals.”
Investors remain concerned about the ongoing depreciation in the yen, as it negatively affects the Japanese economy from expensive resources and commodities, amplifying the fallout of the Russia-Ukraine crisis.
Market reaction
The verbal intervention from Japanese officials is doing little to stem the relentless fall in the Japanese yen, as USD/JPY leaps towards 124.00.
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