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Japan renews currency warning as dollar approaches 160 yen
Currency diplomat Atsushi Mimura said exchange-rate moves had been excessively fast, invoking Japan's summer interventions.
The dollar hit 159.94 yen early on November 12, its highest in more than two months, as Japan's senior currency diplomat Atsushi Mimura again cautioned against excessive exchange-rate volatility.
Speaking to reporters, Mimura declined to judge the prevailing exchange rate but said the speed of recent currency movements had been excessive. He serves as vice finance minister for international affairs.
Mimura also said the summer's events should not yet be forgotten. The remark appeared to invoke Japan's interventions to buy yen between late July and early August, one of which was undertaken jointly with the United States.
The dollar's gains came as strong U.S. inflation readings and hawkish policymaker comments fueled expectations of an interest-rate increase by the Federal Reserve.