TOKYO - The Federal Reserve's Jackson Hole symposium this week looms as a key risk for Japanese authorities worried that new hawkish signals from U.S. central bankers could trigger another sharp yen selloff that would force Tokyo to prop up the currency.
While the yen's fortunes are largely a product of dollar movements, the currency's weakness has become politically problematic not only for Prime Minister Fumio Kishida but also the Bank of Japan, whose ultra-loose monetary settings have been blamed for inflating import costs. BOJ Governor Kazuo Ueda is scheduled to attend the Jackson Hole meeting, which has thrown Japan curve balls in the past.
"Japan likely won't intervene as long as the moves are gradual," one of the officials said. "It's really about cracking down on speed limit violations."
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