By Tetsushi Kajimoto

TOKYO (Reuters – Japan will be watching foreign exchange markets closely to prevent “bad yen strengthening”, Shunichi Suzuki, Minister of Finance said Tuesday. This comes as Tokyo tries navigate the effects of a declining currency on the economy.

Suzuki previously stated that it was vital for currency stability and the weakening yen could be a positive thing for exporters, but a negative one for householders already struggling with rising fuel prices due to the conflict in Ukraine.

Suzuki made these remarks. Chief Cabinet Secretary Hirokazu Matsuno cautioned against rapid swings in the yen and warned them that they were unfavorable. He said that he will be watching the market with “a feeling of urgency.”

Following a six-year-long decline in the Japanese currency’s value against the U.S.dollar on Monday, the two policymakers had to speak separately to reporters. It raised concern over the effect on the economic growth of the country that is heavily dependent on trade.

After the Bank of Japan attempted to control rising bond yields on Monday, the weakening of the yen was accelerated by the Federal Reserve and other major central banks tightening their monetary policies.

Suzuki stated that “I expect the BOJ would steer monetary policies with responsibility” when asked how he felt about the central bank’s policies and their weakening effects on the yen.