Japan tells G20 it may need to act in FX market

Finance Minister Shunichi Suzuki said on Friday he told his Group of 20 counterparts that Tokyo may need to take “appropriate action” in the exchange-rate market as global monetary tightening could heighten volatility in currency moves.

The remarks came as the yen renewed its declines against the dollar, and underscored Tokyo’s resolve to keep markets on edge over the chance of exchange-rate intervention to prop up the Japanese currency.

“I told the G20 meeting we need to be mindful of the risk that market volatility could heighten, including in the currency market, as monetary tightening continues globally,” Suzuki told a news conference after attending a meeting of G20 finance ministers and central bank governors.