TOKYO - Japanese Finance Minister Satsuki Katayama issued a stark warning Tuesday: authorities are prepared to act at any time to counter the yen's sharp decline.
The minister's statement came as the currency slid to a 40-year low against the U.S. dollar. "This includes taking decisive action, as confirmed between Japan and the U.S.," Katayama stated.
Chief Cabinet Secretary Minoru Kihara reinforced this position, pledging to build an economy resilient to such fluctuations.
The market reacted immediately. Following the officials' comments, the yen weakened further, with the dollar surpassing 162 yen for the first time since 1984.