Japan is preparing to intervene again in the foreign exchange market

Japanese Deputy Finance Minister for International Affairs Masato Kanda said that Japan will respond firmly to any excessive fluctuations in the currency, after the yen fell sharply to its lowest level against the dollar in 32 years.

Kanda told reporters at the Finance Ministry that each country would respond appropriately to an agreement reached by the Group of Seven and the Group of Twenty last week on foreign exchange market movements.
Kanda made the comments as the yen fell to a 32-year low against the dollar near 149 yen, raising concerns about already high import costs that are putting pressure on households and businesses.
The sharp drop comes despite Japan’s intervention in the foreign exchange market last month to prop up the yen in its first such attempt since 1998.