Japan Finance Min.: Gov't monitoring yen's rapid drop

TOKYO, Oct 10 (KUNA) -- Japanese Finance Minister Katsunobu Kato said Friday the government is closely monitoring the recent rapid weakening of the yen against the US dollar, stressing concern over "one-sided and sudden" currency moves.
"It is important for exchange rates to move in a stable manner reflecting economic fundamentals," Kato told a press conference after a Cabinet meeting. "We will continue to watch closely for excessive fluctuations and disorderly movements," the minister said.
Kato made the remarks after the yen briefly fell to the lower JPY 153 level against the dollar earlier this week, hitting an eight-month low.
According to public broadcaster NHK, market analysts attributed the yen's slide partly to receding expectations of an imminent rate hike by the Bank of Japan, as well as speculation that the new Liberal Democratic Party leader Sanae Takaichi will maintain an easy monetary policy stance. (end) mk.mt