Japan finance minister says ready to act ‘on all fronts’ after report on oil futures intervention

TOKYO, March 24 : Japanese Finance Minister Satsuki Katayama said the government is prepared to take all necessary measures “on all fronts”, but did not comment directly on the possibility of Japan intervening in the crude oil futures market.

Reuters reported on Monday that Japan’s government is considering intervening in crude oil futures as the Middle East crisis drives energy prices up sharply.

“It is widely said that speculative moves in crude oil futures markets are also affecting the foreign exchange market,” Katayama said, when asked about the report.

“As the Japanese government, taking into account the impact that currency movements have on people’s lives and the economy, we are determined to take thorough action at all times and on all fronts,” she said.