Tokyo, Jan. 9 (Bloomberg) -- Japan is ready if needed to take ``decisive action'' to stem the yen's rise after a surge in the currency was too rapid, Japan's Vice Finance Minister Toshiro Muto said. ``The recent rise in the yen is too rapid -- that's our understanding,'' Muto said at a twice-weekly press conference. ``We will keep a close watch on the development of the situation.''
The U.S. currency was little changed at 118.97 yen at 5:43 p.m. in Tokyo. It fell as much as 0.3 percent, recouping its loss after Vice Finance Minister Haruhiko Kuroda earlier told Dow Jones Newswires that Japan may sell yen to stem gains. Finance Minister Masajuro Shiokawa this week said a ``stable'' rate would be 125 yen to the dollar. //www.quote.bloomberg.com