Japan 'Very Close' to Intervention, Former Forex Chief Says.

According to Mitsuhiro Furusawa, a former vice minister of finance for international affairs in Japan, the country is on the verge of intervening in the currency market if the yen weakens further against the dollar. Furusawa believes that if the trend continues, intervention is imminent, citing market reactions to US data and a joint statement between Japan, the US, and South Korea as factors that may prompt Japanese authorities to act. The yen is currently close to a 34-year low against the dollar, and Japan's finance minister has stated that they are prepared to take action. [Extracted from the article]