Japan is ready for "decisive" measures on the yen

Japanese Finance Minister Shunichi Suzuki urged investors not to sell the yen. The minister said Japan was ready for "decisive" measures in case of a further decline in the Japanese currency.

During the press conference that followed a post-cabinet meeting, Suzuki, recalling the recent fall of the yen, said that one of the priorities is to maintain a stable position of currencies, since sharp unilateral changes are unfavorable.

The minister also noted that the intervention and the statement on decisive measures certainly worked as a defense against further speculation.

Japan spent about 2.8 trillion yen (approximately $19.34 billion) last month to maintain the yen in the foreign exchange market.