Japan’s Finance Ministry: Continuing to closely watch markets

A senior official from Japan's Ministry of Finance (MOF) said on Monday that he was continuing to closely watch markets.

He added that falling US interest rates were having some effect on markets.

However, the official said that he doesn’t think the market functioning is deteriorating.

• BOJ to hold emergency meeting at 0300 GMT

USD/JPY reaction

USD/JPY stages a solid comeback from the surprise Fed rate cut low of 105.75 and heads back towards 107.00 on the statement that the BOJ will hold an emergency monetary policy meeting at 0300 GMT later today.