Japan's finance minister signals readiness for yen intervention:
Japan has a "free hand" in dealing with the yen's (JPY:USD) recent depreciation, Finance Minister Satsuki Katayama said on Tuesday, signaling Tokyo's readiness to intervene and address the currency's sharp decline.
"I do not believe that the overall movements reflect the fundamentals at all," Katayama said in response to a reporter's question on the yen's decline.
She said the government will respond to excessive movements, including speculative moves, adding that she has a "free hand."
Hiroyuki Machida, director of Japan FX and commodities sales at ANZ, told Reuters that the yen's recent weakness reflects the government's reflationary fiscal policies and the Bank of Japan's still-easy monetary policy.
He added that the market needs to see further monetary tightening for a correction in the yen's weakness, in light of next fiscal year's expansionary budget.
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