Japan PM Abe: We should refrain from arbitrary intervention in currency markets

In an interview with the Wall Street Journal on Wednesday, Japanese PM Abe ruled out stepping into foreign exchange markets to reverse the yen's rise.

Responding to the questions about the yen's recent advance, Abe noted:

"Whatever the circumstances, we must definitely avoid competitive devaluation, and I think we should refrain from arbitrary intervention in currency markets."

PM Abe’s comments come after the USD/JPY pair briefly broke below 110 levels on Tuesday, hitting the lowest levels since Oct 2014 on Tuesday.