Japan's finance minister continued to keep traders in the dark, refusing to confirm whether the country's intervention in the market earlier this week supported the yen.
"I will not comment on this," Suzuki Shunichi said in response to questions about whether Japan had intervened.GalagamachineWhen talking about the problem.GalagamachineHe made the above remarks at a press conference during a series of international events in Tbilisi, Georgia.
"if the exchange rate fluctuates too much, the government may need to smooth it," Suzuki said. He also reiterated the standard view that exchange rates should fluctuate steadily and reflect economic fundamentals, as excessive volatility reduces the forecasting power of residents and businesses.
The Japanese authorities appeared to have stepped into the market twice earlier this week to prop up the currency. One came earlier this week after the yen fell below 160 against the dollar for the first time in 34 years.
The Fed decided to sit tight on Wednesday and Chairman Jerome Powell's remarks suggested that the yen was unlikely to fluctuate sharply again after it cut interest rates any time soon.
The agency's analysis of the Bank of Japan account shows that the authorities may have intervened for the second time this week, on a scale of about 3.Galagamachine.5 trillion yen.