Japan finance minister warns against yen rise
Taro Aso, Japanese Finance Minister gave another warning against renewed strength in the major Japanese currency, telling that he would strictly respond if speculative rapid moves persisted in the market.
Apart from that Aso stressed next week he would closely monitor the UK’s referendum on leaving the European Union, considering its enormous potential to disrupt global financial markets.
The Japanese Yen hovered close to Monday's six-week peak of 105.735 against the greenback on concerns that Great Britain might vote to leave the European Union in the June 23 referendum.
Japanese officials are concerned over potential spike in the country’s national currency, which is traditionally perceived as a safe-haven asset during hard times of heightened risk aversion. Brexit is supposed to be a typical example of an extremely risky event.
Asked about a surging yen, Aso told that rapid moves are undesirable and Japan’s government wants to see stability in the national currency.