The yen slid to its weakest level versus the dollar since 1986. Japan's finance
minister Katayama said Tokyo remains prepared to take appropriate action on the
foreign-exchange market as needed, echoing recent remarks. She said her
communications have been "steady" and that she only used the phrase "bold
action" when pressed. Markets typically read "bold action" as a signal of
possible direct intervention; her wording suggests she is not currently
escalating that threat. Repeated verbal warnings have not halted the yen's
decline. Chief Cabinet Secretary Kihara also said Japan will act on FX markets
if necessary. Katayama declined to comment on any specific exchange-rate levels.
