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BOJ Kuroda vows to act appropriately over yen’s spike

  • March 10, 2020
  • , Jiji Press , 6:10 p.m.
  • English Press
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Tokyo, March 10 (Jiji Press)–Bank of Japan Governor Haruhiko Kuroda on Tuesday showed the central bank’s pledge to take appropriate action if needed in response to the yen’s recent rapid rise.

“As moves on the foreign exchange market could affect financial markets, economic activities and prices in Japan, we will take appropriate measures if necessary,” Kuroda said at a meeting of the Financial Affairs Committee of the House of Councillors, the upper chamber of the Diet, the country’s parliament.

Meanwhile, he stressed the BOJ’s monetary policy is not intended to manipulate foreign exchange rates.

Citing a reason for the yen’s spike, Kuroda said that demand for the currency as a safe-haven asset may have grown due partly to uncertainties over the COVID-19 new coronavirus, which has hit Japan and other countries.

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