Special Report: Global Financial Crisis
TOKYO, Dec. 18 (Xinhua) -- The Japanese government will possibly intervene in the foreign exchange market to limit the strength of yen, which has hit a 13-year high, said the top government spokesman Thursday.
"We have stepped in the foreign exchange market before. We will take appropriate measures, including such an option," Chief Cabinet Secretary Takeo Kawamura was quoted by Kyodo News as saying at a press conference.
Also on Thursday, Finance Minister Shoichi Nakagawa told reporters he would "implement appropriate measures" to stem yen's rise.
"For export manufacturers the acceleration of the strong yen isa negative factor," he said.
As the U.S. Federal Reserve on Tuesday cut its benchmark rate to a range of zero to 0.25 percent, the lowest level on record, massive dollar selling sent the U.S. currency to the lower 87 yen level in New York on Wednesday.