Japanese Finance Minister Suzuki: Will closely watch market moves to avoid negative yen weakness

Japan's Finance Minister Shun'ichi Suzuki said that they will tap emergency budget reserves first to fund measures to counter rising oil prices and they are closely watching market moves to avoid negative yen weakness.

This followed the start of the week's drop in the yen when the Bank of Japan announced that it will offer to buy an unlimited amount of 10-year JGBs at 0.25%.

Consequently, USD/JPY rallied to the highest levels since 2015: