Japan's policymakers continued to warn investors on Wednesday against selling the yen, as the dollar rose to a fresh 24-year high on the Japanese currency while hurdles to directly intervene remain high.
The U.S. currency rose to 146.35 yen , a level not seen since August 1998 during the Asian financial crisis, moving above levels that triggered intervention by Japanese authorities last month to stem excessive yen weakening.
The comment came after Finance Minister Shunichi Suzuki was quoted by Jiji Press as saying there was no change in the country's stance that it would take necessary steps in the foreign exchange market as needed. Analysts say Japan may face difficulty winning backing for intervention unless volatility becomes highly excessive.
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