Japan’s Chief Cabinet Secretary Hirokazu Matsuno said on Monday, a “stable forex market is important,” adding that it is “not desirable to have dramatic changes in forex movements.”

“As a government, we will be keeping a close eye on forex market moves and its impact on the Japanese economy,” Matsuno said.

Amidst the recent wild swings in the USD/JPY exchange rate value, the Japanese officials express their concerns while trying to calm market nerves.

In the last hours, Bank of Japan (BOJ) Governor Haruhiko Kuroda said that the cost of buying US dollars to purchase commodities is one of the main factors behind the yen depreciation.

Market reaction

USD/JPY was last seen trading at 121.95, down 0.73% on the day.