Two senior Japanese officials warned that the authorities are prepared to take action in the foreign exchange market if necessary, but related statements have provided little support for the Japanese yen, which continues to be under pressure. Finance Minister Katayama Satsuki told reporters on Wednesday that the situation between the US and Iran suddenly deteriorated, leaving the world unforeseen and making the current environment extremely difficult. “Our policy has not changed at all; we will take appropriate and decisive action whenever necessary,” she said. Chief Cabinet Secretary Kihara Minoru also warned that appropriate responses to exchange rate fluctuations will be made as needed. The yen fell below 163 overnight against the US dollar, the first time since 1986, as the US-Iran conflict intensified and fueled oil prices. The yen held steady around 163.16 against the US dollar on Wednesday morning after Kihara's speech.

Two senior Japanese officials warned that the authorities are prepared to take action in the foreign exchange market if necessary, but related statements have provided little support for the Japanese yen, which continues to be under pressure. Finance Minister Katayama Satsuki told reporters on Wednesday that the situation between the US and Iran suddenly deteriorated, leaving the world unforeseen and making the current environment extremely difficult. “Our policy has not changed at all; we will take appropriate and decisive action whenever necessary,” she said. Chief Cabinet Secretary Kihara Minoru also warned that appropriate responses to exchange rate fluctuations will be made as needed. The yen fell below 163 overnight against the US dollar, the first time since 1986, as the US-Iran conflict intensified and fueled oil prices. The yen held steady around 163.16 against the US dollar on Wednesday morning after Kihara's speech.