Japanese policymakers maintained their warning to investors against selling the yen on Thursday in the wake of the currency's renewed slide beyond 150 to the dollar, a level seen by traders as authorities' threshold for intervention.
"It's important for currency rates to move stably reflecting fundamentals. Excess volatility is undesirable," Deputy Chief Cabinet Secretary Hideki Murai told a regular news conference, when asked about the yen's declines. He declined to comment on whether Japan will intervene in the currency market.
The Japanese yen weakened to a fresh one-year low of 150.50 per dollar on Thursday and was not far off the 151.94 it touched in October last year, which prompted Japan to intervene in the currency market. The yen's falls, driven by the gap between U.S. and Japanese interest rates, will likely keep pressure on the Bank of Japan to tweak its policy of capping long-term yields around zero.Rising global yields and expectations of a near-term BOJ policy shift pushed up the benchmark 10-year Japanese government bond yield to 0.885% on Thursday, hitting its highest since July 2013 and approaching the bank's 1.0% cap.
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