Japan’s top currency official said Friday that authorities are prepared to intervene in the crude oil futures market, where speculative activity has been impacting the yen.

Atsushi Mimura, vice finance minister for international affairs, stated that Tokyo maintains constant readiness to act regarding crude oil futures transactions.

Japan purchased yen in the currency market on Thursday to support the currency. US economic officials received notification before the intervention.

The yen traded between $157.33 and $155.50 Friday.

Japanese officials have repeatedly connected recent yen weakness to speculative activity in the oil futures market.
Source: Investing.com