Japan Finance Minister says he told U.S.s Yellen recent yen falls are sharp

div classBodysc17zpet90 cdBBJodivpBy Leika Kiharap

pTOKYO Reuters Japanese Finance Minister Shunichi Suzuki said on Friday that recent drops in the yen were “sharp” and agreed with his U.S. counterpart to communicate closely on currency moves.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pThe yen has plunged to twodecade lows against the dollar, with the central bank continuing to defend its ultralow rate policy in contrast with heightening chances of aggressive rate hikes by the U.S. Federal Reserve.p

pSuzuki said he did not directly voice concern over yen moves in the meeting with U.S. Treasury Secretary Janet Yellen, but that he referred to the currency‘s rapid moves as part of his briefing on the state of Japan’s economy.p

p“We confirmed that currency authorities of both countries will communicate closely, aligning with the exchangerate principles agreed among the G7 and G20 members,” Suzuki told reporters after the meeting with Yellen in Washington D.C. on the sidelines of the International Monetary Fund gatherings.p

pHe declined to comment, when asked about the chance of Japan intervening in the currency market to stem further yen falls.p

pBut he stressed Tokyos readiness to take action by describing recent yen moves as undesirable.p

p“The government has said rapid currency moves were undesirable. What were seeing now with the yen are rapid moves, so well monitor moves closely with a sense of urgency,” Suzuki said.p

p Reporting by Leika Kihara Additional reporting by Tetsushi Kajimoto Editing by Himani Sarkarp

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