(Bloomberg) -- Japan’s top currency official Masato Kanda reiterated his stance that disproportionate currency moves will be acted on after the yen weakened to the lowest level in three weeks.

“Appropriate steps will be needed and allowed if foreign exchange rates moves excessively due to speculative trading to harm the economy,” Kanda told reporters Friday in Stresa, northern Italy, where Group of Seven finance chiefs are gathering. 

Kanda’s remarks came hours after the yen hit the lowest level since May 2 when his finance ministry is suspected of conducting a currency intervention. Given the large interest-rate gap with the US, Japan’s authorities have struggled to shift the tide in the market.

Speaking earlier this week in Stresa, US Treasury Secretary Janet Yellen said that intervention should be a seldom-used tool that officials give fair warning about when they resort to it.

Read more: Yellen Wants Currency Intervention to Be Rare and Well Flagged

While declining to comment on specific remarks by other officials, Kanda indicated that Yellen’s words won’t stop Japan from intervening as he is in close contact with counterparts — and the US in particular.  

“It’s needless to say that it’s desirable if intervention is rare,” Kanda said. However, “we will continue to take right actions at any time as needed,” he said. 

The yen gained a little immediately after Kanda’s comments, trading at around 156.90 per dollar in the evening in Europe after touching 157.15 earlier the day.

--With assistance from Kamil Kowalcze, Alessandra Migliaccio, Viktoria Dendrinou, William Horobin, Jorge Valero and Tom Rees.

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