Reuters: US Dollar Report: Japan Azumi: Will take decisive action on excessive FX moves

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Japan Azumi: Will take decisive action on excessive FX moves Jul 23rd 2012, 08:11 TOKYO, July 23 | Mon Jul 23, 2012 4:11am EDT TOKYO, July 23 (Reuters) - Japanese Finance Minister Jun Azumi said on Monday the government will take decisive action against excessive and speculative currency moves, warning markets against pushing up the yen too much. "We will take decisive action against excessive volatility and speculative currency moves. When we think it's necessary, we'll act," he told reporters, signalling that Tokyo is ready to intervene in the currency market to stem sharp yen rises. Azumi made the remark to reporters after the dollar fell to a seven-week low of 77.94 yen. The yen also surged to a near 12-year peak of 94.23 to the euro on market fears that Spain may eventually need a full sovereign bailout.

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