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Gov't ready to counter foreign exchange volatility: Aso

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(GlobalPost/GlobalPost)

Finance Minister Taro Aso said Thursday that the Japanese government is ready to counter foreign exchange market volatility that could be triggered by speculative moves for short-term profits.

"The general public would suffer inconvenience unless (the government) has a countermeasure against speculators" such as hedge funds, which try to profit from moving huge sums of money in the financial market, Aso said during a parliamentary session.

"We'll send a clear signal to the market when the yen falls one-sidedly or it rises excessively," he added.

His remarks came after an opposition lawmaker asked Aso, who is in charge of the nation's foreign exchange policy, how the Japanese government would respond should the currency market become volatile.

The U.S. dollar, which climbed to its two-month high late Tuesday in Tokyo, hovered above 99 yen Thursday morning.

==Kyodo

http://www.globalpost.com/dispatch/news/kyodo-news-international/131114/govt-ready-counter-foreign-exchange-volatility-aso