By Takaya Yamaguchi and Makiko Yamazaki
TOKYO, Sept 24 (Reuters) – Japanese Finance Minister Satsuki Katayama said on Thursday that the principles underpinning the coordinated Japan-US currency intervention in July remain in place, signalling Tokyo’s readiness to take joint action again if needed.
“The principles since the previous joint intervention remain alive,” Katayama told reporters, referring to the July 31 operation that Tokyo and Washington said was aimed at countering excessive volatility and disorderly market moves.
Katayama said she would not comment on foreign exchange levels.
The Japanese yen has weakened beyond 158 per dollar after the Bank of Japan’s rate hike to a 31-year high on Friday fell short of reassuring investors that more aggressive tightening may be on the way.
Japanese authorities conducted rate checks in overseas markets on Friday, according to sources familiar with the matter, a move often seen as a precursor to currency intervention. The yen briefly strengthened after the checks, but the gains proved short-lived.
(Reporting by Takaya Yamaguchi; writing by Kaori Kaneko; Editing by Christian Schmollinger and Kevin Buckland)
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