TOKYO, June 28 (Xinhua) -- The Japanese yen dropped further to a fresh 37-year low against the U.S. dollar in Tokyo on Friday, crossing the 161 line for the first time since 1986.
At 11 a.m. local time, the U.S. dollar fetched 161.05-08 yen, the Japanese currency's weakest since December 1986, stoking expectations of another possible yen-buying intervention by Japanese authorities.
Japanese Finance Minister Shunichi Suzuki warned Friday that Japan will take "appropriate" steps against excessive volatility in the currency market, adding he would not say whether he viewed the yen's recent fall as excessive as it could affect financial markets.
On April 29 when the U.S. currency briefly climbed to 160.24 yen, its highest level in 34 years, the Japanese government and the Bank of Japan apparently stepped into the market and spent some 9.8 trillion yen (61.64 billion U.S. dollars) to prop up the currency. ■
