8 January 2004, 11:51  MOF says yen recently volatile, warns of action

TOKYO, Jan 8 - Japan's vice finance minister said on Thursday that the foreign exchange market had recently been volatile and warned that authorities would take decisive action against such moves. "Recent moves have been very rapid," Vice Finance Minister Masakazu Hayashi told a news conference when asked about the yen's recent rise. "Stable exchange rates are important for both economic activity and consumer living. We will take bold action against rapid market moves," he added. The dollar last traded near 106.18 yen , little changed from late U.S. trade and off a three-year low hit on Wednesday. Traders suspect the Bank of Japan (BOJ) was intervening around 106 yen during U.S. trade to prop up the dollar.||

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