Rapid currency moves undesirable

Japanese Finance Minister Taro Aso expressed concern about recent sharp foreign exchange movements on Tuesday, after the US dollar rose to a six-year high against the Japanese yen earlier in the day.
"Rapid currency fluctuations are undesirable. A steep rise in the foreign exchange rate means there will be creates a steep fall in the rate. Therefore, it is desirable for exchange rates to move gradually," Aso told a press conference. However, the minister declined to say what an appropriate level for the yen.
At 3:30 p.m. (0630 GMT), the US dollar traded at JPY 106.21-24 compared with JPY 105.98-106.08 in New York and JPY 105.12-13 in Tokyo at 5 p.m.
Monday. At one point on Tuesday, the dollar appreciated as high as JPY 106.34 against the yen, the strongest since October 2008 on growing speculation that US Federal Reserve may announce an interest rate increase earlier than expected. (end) mk.tg