9 October 2003, 12:25  Japan's Hayashi says forex moves extremely rapid

TOKYO, Oct 9 - Vice Finance Minister Masakazu Hayashi said on Thursday that recent moves in the foreign exchange market were "extremely rapid" and Japanese authorities would take appropriate measures against them. "Recent movements have been extremely rapid," he told a news conference when asked about the dollar's fall to a fresh three-year low below 109 yen. "We will take appropriate action against sudden movements," he said, adding that such movements were harming economic activity. Hayashi also said Japanese authorities have not conducted intervention to maintain specific currency levels and would not do so.//

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