The move is a partial correction of the across-the-board declines the Japanese currency
, and comes amid market talk of Japanese repatriation as Japan's fiscal year-end starts to loom.
The dollar sagged against the yen on Thursday, weighed down by US yields slipping to two-week lows and an ebb in risk appetite that favored the safe-haven Japanese currency
The Japanese currency
strengthened more than 7 percent against the U.
Suga made remarks after the Japanese currency
hit a one-month high against the dollar at the mid-106 yen level earlier in the day following the release of weak US jobs data on Friday, which prompted investors to sell off the dollar on speculation that the chance of a rate hike at the Federal Reserve's next policy board meeting in mid-June is low.
The government is contemplating measures to protect the Korean economy from the weakening yen, as the Japanese currency
is expected to remain weak in the medium term due to the possibility of interest rate hikes in the US and additional stimulus measures in Japan.
The Japanese currency
was steady, with the dollar fetching 101.
In New York overnight, the dollar rose slightly against the yen in thin trading as market players sold the Japanese currency
to lock in profits from its recent gains.
THE Japanese currency
has breached the 100 yen to the US dollar mark for the first time since April 2009, trading close to 100.
However, amid the nascent recession, when exporters' pressure on the Japanese currency
started to wane, the yen surpassed the upper end of the downtrend (February 2012) shown in the chart as a violet dotted line.
The automaker is taking this step in order to offset some of the losses associated with the high value of Japanese currency
The yen stayed on the defensive on Monday with the euro reaching a fresh five-month high against the Japanese currency
, while the dollar nursed losses following a setback late last week.
dollar slumped to a record low against the yen on Friday in its biggest one-day decline in nearly two months, bringing back into focus the threat of official intervention to weaken the Japanese currency