TOKYO: Japan’s top monetary diplomat Atsushi Mimura on Thursday signaled his willingness to act against the weaker yen, in the government’s strongest warning against speculators in recent months, as the yen plunged to fresh three-year lows. months.

Describing recent currency moves as “unilateral and drastic,” he told reporters that Japanese authorities were “closely watching developments in the currency market, including those driven by speculators, with utmost urgency.”

“We are willing to take appropriate measures against excessive movements,” he said.

Mimura’s latest warning is his strongest since he replaced Masato Kanda in late July. Kanda launched the largest yen buying intervention ever recorded this year and aggressively pressured speculators not to put too much pressure on the Japanese currency.

Mimura intensified his verbal warnings last month, when the yen fell near the psychologically key level of 150 per dollar.

Japan last carried out a yen-buying intervention in late July to support its currency after it fell to a 38-year low below 161 per dollar.

The dollar soared against major currencies after Republican Donald Trump won the US presidential election, with immigration, tax and trade policies expected to spur higher US growth and inflation.

The yen rose 0.22 percent to 154.30 per dollar on Thursday morning, after hitting 154.7 on Wednesday, its lowest level against the dollar since July 30.