Finance
Japan prepared to take necessary steps on forex moves: finance chief
Japan is prepared to take all necessary steps to counter excessive volatility in the currency market, Finance Minister Shunichi Suzuki said Tuesday, the latest in a series of verbal warnings as the yen continued to tumble, dropping past 154 against the U.S. dollar to a 34-year low.
Suzuki said the government is keeping close tabs on developments in the currency market but declined to say whether the yen’s recent fall was rapid and volatile, an assessment that could trigger another market intervention to slow its decline.
Japanese authorities have repeatedly warned that they would act if needed, keeping financial markets on edge over the possibility of another yen-buying, dollar-selling intervention.
The yen has already weakened past the level at which Japan previously intervened in October 2022, when it inched near the 152 level.
Still, Suzuki did not ratchet up his warnings on Tuesday and stuck to the same language in describing Japanese authorities’ concern. He did not use expressions like “decisive” action that would signal that a market intervention is imminent.
“We are closely watching market developments and we are prepared to take all necessary steps if needed,” Suzuki said at a press conference.
“With respect to whether the recent moves are excessive or rapid, I don’t think it’s appropriate to state our view because this is linked to our position to take all necessary steps.”
The dollar has strengthened as the U.S. Federal Reserve is no longer expected to start cutting interest rates as soon as June, following stronger-than-expected economic data.
Despite a recent rate hike by the Bank of Japan, the interest rate differential between Japan and the United States remains wide, making the yen less appealing.
Monday’s release of forecast-beating U.S. retail sales data sent the dollar above 154 yen, meaning it has gained about 3 yen in April. Heightened tensions in the Middle East have sent oil prices higher on supply concerns while boosting the dollar.
Japan’s top government spokesman Yoshimasa Hayashi also declined to comment directly on the possibility of market intervention.
“It’s important that foreign exchange moves are stable, reflecting fundamentals. Excessive fluctuations are not desirable,” said Hayashi, who serves as chief Cabinet secretary.
The dollar was trading in the lower 154 yen zone after the Japanese officials’ comments, within sight of the psychologically important 155 line.
A weak yen boosts Japanese exporters’ overseas profits in yen terms but inflates import costs for Japan, which relies heavily on foreign energy and other resources.
The dollar’s strength against the yen and other currencies comes as the finance chiefs of the Group of 20 major economies are scheduled to gather in Washington this week.
A strong dollar can trigger capital flight from emerging economies.
The G20 has taken the view that volatile and disorderly movements are not desirable because they negatively affect economic and financial stability.
Suzuki said he plans to explain Japan’s stance on currency policy if such opportunities arise, without elaborating.
The finance chiefs of the Group of Seven countries are also planning to meet in the U.S. capital on the fringes of gatherings hosted by the International Monetary Fund and World Bank.
The G20 includes the G7 members — Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union — along with Brazil, China, India and Russia among others.
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Yen sinks to 154 range vs dollar for 1st time in 34 years
Japan to take all necessary steps amid yen’s fall: finance chief
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US stocks fell Thursday as trading resumed after the Christmas holiday, as Wall Street digested one of the only economic data points of the week.
The S&P 500 (^GSPC) was down 0.3% while the the tech-heavy Nasdaq (^IXIC) declined 0.3%. The Dow Jones Industrial Average (^DJI) lost 0.4%, leading the way down.
Meanwhile, bitcoin (BTC-USD) slumped, falling below the $96,000 level as volatile trading continued. Crypto-linked stocks like MicroStrategy (MSTR) tracked the declines.
Markets looked to be struggling in a bid to extend the start of the “Santa Claus rally,” which kicked off with a bang on Tuesday. All three major indexes rose around 1%. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are within striking distance of their records after clawing back gains from a Fed-fueled dive last week.
As Wall Street saunters back from its holiday break, the normally routine release on weekly jobless claims took more of a spotlight than usual, as the only piece of the jobs puzzle on the docket this week.
Labor Department data released prior to the market open showed weekly jobless claims fell to 219,000 compared with expectation of 223,000. However continuing claims surged to 1.19 million in the week ending December 14 to the highest level since November 2021, in a sign the labor market may be cooling.
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Angela Marie Hanson, 52, of California, Maryland, has been indicted on charges of embezzlement and theft following allegations of financial misconduct during her tenure as Finance Manager for Historic Sotterley, Inc. According to court documents, Hanson is accused of stealing nearly $15,000 over a five-month period from October 31, 2023, to April 15, 2024.
Hanson, who oversaw financial operations at the historic property, is scheduled for her initial court appearance in the Circuit Court for St. Mary’s County on January 13, 2025. She faces a felony charge of theft scheme involving $1,500 to $25,000, a misdemeanor embezzlement charge, 50 counts of theft between $100 and $1,500, and 17 counts of theft under $100.
Authorities allege that Hanson misappropriated funds using a debit card linked to Historic Sotterley’s “Museum Shop” account. Over 50 ATM withdrawals and several unauthorized purchases were reportedly made at local businesses, including gas stations and convenience stores.
Court filings claim Hanson also transferred funds between Historic Sotterley’s accounts to conceal her activities. Investigators allege that Hanson continued these actions even after her employment ended in February 2024.
The St. Mary’s County Sheriff’s Office led the investigation, which included reviewing banking records, witness testimony, and surveillance footage. Historic Sotterley’s Executive Director identified Hanson as the only individual with access to financial systems and administrative rights during the period in question.
Investigators state that surveillance footage shows Hanson conducting ATM withdrawals using the organization’s debit card. When questioned by law enforcement, Hanson acknowledged managing Historic Sotterley’s finances but denied any intent to defraud.
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