Japanese Deputy Chief Cabinet Secretary Seiji Kihara urges the country’s government to take necessary steps to counter excessive declines in the yen.

Additional comments

"As for excessive, one-sided currency moves, we will closely watch developments and must take steps as needed."

The government will consider "in the not so distant future" relaxing strict border measures to further open Japan's borders to overseas visitors.

"Weak yen most effective in boosting inbound tourism."

"Won't rule out issuing debt to fund rising defense cost."

Market reaction

USD/JPY is attempting another leg higher above 142.50, having slumped to 142.15 in early dealing on the Japanese verbal intervention. The spot is higher by 0.11% on the day.