Japan warns against yen sell-off, eyes intervention

 Japanese policymakers kept up their warnings against investors selling off the Japanese currency as the dollar rose to a fresh 24-year high against the yen on Wednesday, raising speculation about a second round of intervention, Qazet.az reports.

The U.S. currency rose to 146.35 yen , a level not seen since August 1998 during the Asian financial crisis, moving above levels that triggered intervention by Japanese authorities last month to stem excessive yen weakening.

The yen was trading around 146.30 to the dollar around midday on Wednesday as traders braced for U.S. inflation data and its implications on future U.S. rate hikes.

"We are closely watching foreign exchange moves with a high sense of urgency, and ready to take appropriate steps on excess moves," Chief Cabinet Secretary Hirokazu Matsuno told reporters.

The comment came after Finance Minister Shunichi Suzuki was quoted by Jiji Press as saying there was no change in the country's stance at all and that it would take necessary steps in the foreign exchange market if necessary.