Reuters: US Dollar Report: Japan ready to act on yen, intervention not ruled out-MOF's Nakao

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Japan ready to act on yen, intervention not ruled out-MOF's Nakao Jun 1st 2012, 00:48 TOKYO, June 1 | Thu May 31, 2012 8:48pm EDT TOKYO, June 1 (Reuters) - Japan may have difference in views on exchange-rates with its U.S. and European counterparts but is determined to take action in currency markets if excessive yen rises continue, the country's top financial diplomat said on Friday, signalling Tokyo's readiness to intervene in the market if necessary. "It's becoming more obvious that (we are seeing) yen appreciation led by speculative movements, based on concerns over European issues and its banking issues," Takehiko Nakao, vice finance minister for international affairs, said in a speech at a forum. He said that intervention should not be ruled out. "We continue to monitor currency movements and if this kind of excessive move continues, not just versus the euro but versus the dollar, we will respond decisively," he said.

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