Finance Minister Taro Aso said Tuesday the government will not rush to weaken the yen, although sharp swings in the currency markets are “undesirable.”
“Regarding currency intervention, we will not do it so easily,” Aso told a news conference.
He added, any action the government takes will fall within the scope agreed by the Group of Seven and Group of 20 economies.
The yen has attracted buying recently due to uncertainty over Britain’s upcoming referendum on European Union membership.
Aso said the currency’s latest moves appear to have factored in a possible exit, but he refrained from commenting on what action the government would take if the British people vote to leave.
The finance minister said it is bad for the currency to fluctuate rapidly by several yen against the U.S. dollar in the space of a few days.
“Stability in currency exchange is extremely important,” Aso said.