Yen mixed in Asia on intervention speculation

TOKYO: The yen was mixed in Asian trade on Tuesday amid speculation that Japanese officials may launch another round of currency market intervention to tame the unit's soaring value.

The Japanese currency, which hit record highs against the dollar last year and remained strong, was trading at 78.15 against the greenback in Tokyo morning trade, from 78.19 in New York late Monday.

The euro bought 95.94 yen against 95.86 yen in US trade, while the eurozone currency changed hands at $1.2274 from $1.2260, ahead of US and European central bank meetings this week.

On Tuesday morning, Japanese Finance Minister Jun Azumi repeated warnings over the yen's value, and said Tokyo would take "decisive steps" to curb the currency's strength if necessary.

Japan has jumped into currency markets at least four times in the past couple of years in a bid to bring down the yen's value.

"It is clear that the recent one-sided yen rise doesn't reflect Japan's economic fundamentals," Azumi told a press briefing.

Traders have increasingly viewed the currency as a safe-haven unit amid turmoil in Europe and a lumbering US economic recovery.

The finance chief said he would keep a close eye on foreign exchange markets with a "heightened sense of caution", and declined to rule out further measures if necessary -- widely interpreted as a hint that officials may embark on another bid to weaken the currency.