The Japanese government stands ready to take "decisive action resolutely" when needed, Finance Minister Satsuki Katayama said Friday, as the yen continued to weaken and edged closer to the 164 line against the U.S. dollar.
"We will respond appropriately as required," Katayama said, as the currency briefly slid to 163.99 per U.S. dollar, extending its retreat after approaching its weakest level in nearly four decades in recent days.
The yen's continued slide has pushed it well past the levels at which Japanese authorities intervened in the market back in late April and May. The U.S. dollar, meanwhile, has drawn safe-haven buying amid heightened tensions in the Middle East.
Analysts said the yen also came under selling pressure on concerns that rising crude oil prices would hit Japan's import-reliant economy.
Japan to take "decisive" action when needed as yen extends slide toward 164 line
