AFP, Tokyo :
The yen retreated Friday as Japanese officials repeated warnings they could step into currency markets to tame the soaring unit, which threatens profits at the country’s exporters.
Traders piled into the yen against the dollar after the Fed on Wednesday kept interest rates ultra-low, saying it needed to see a stronger economy before tightening monetary policy.
Japan’s top government spokesman, Yoshihide Suga, on Friday said the government was “concerned” by the stronger yen, telling reporters: “We will take necessary steps if these sort of moves continue.”
That followed similar comments from a finance ministry official who hinted at the possibility of a market intervention to weaken the currency.
A stronger yen hurts profits at Japanese firms that do business abroad. It was the latest in a string of comments from Tokyo aimed at pushing down the yen, which has soared since the start of the year as volatility on financial markets and worries about global growth boost demand for the safe-haven unit.
