Sakakibara gained a reputation as a market mover in the 1990s after devising several currency interventions during his time as vice finance minister, earning him the nickname "Mr Yen". He remains a closely watched figure by markets for his insight on the yen.
Sakakibara's comments come as the yen hovers around 142 to a dollar, having steadied in the past week after a decline of 7.5% this year as Japan's low yields made the currency an easy target for short-sellers and funding trades. After the last FOMC meeting in July, a majority of market participants expect the Fed will hold rates at 5.25-5.50% as inflation eases and the economy loses momentum.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: