Japan Ready To Act Against Sharp Yen Swings, Finance Minister Says

TOKYO, March 13 (Reuters) - Japan is ready to take whatever steps are necessary at all times against sharp swings in foreign exchange and other financial markets, which have a huge impact on people's livelihoods, Finance Minister Satsuki Katayama said on Friday.

"It is clear that the Middle East situation has caused significant volatility in financial markets, including foreign exchange," Katayama told a regular press conference.

"In response to these sharp market swings, particularly those driven by surging oil prices, the government stands ready to act at any time, mindful of the impact currency moves may have on people's livelihoods," she said.

The yen JPY touched 159.43 on Thursday, the weakest since January 14, as an escalating Middle East conflict drove crude oil prices higher, heightening concerns about inflation and weighing on growth.

A weak yen could also exacerbate the impact of higher oil prices, as Japan is heavily reliant on energy imports.

Katayama also said a recent meeting of Group of Seven finance leaders, where U.S. Treasury Secretary Scott Bessent was present, discussed financial market moves, including exchange rates.

"In any case, we are maintaining extremely close communication with U.S. authorities, even more closely than usual," she added.