TOKYO, May 7 Reuters Japan may have to take action against any disorderly, speculativedriven foreign exchange moves, the government39;s top currency diplomat Masato Kanda said on Tuesday, reinforcing Tokyo39;s readiness to intervene again to support a fragile yen.

It is preferable for exchange rates to remain in a stable manner following fundamentals, and if the market is functioning soundly in this way, there is of course no need for the government to intervene, Kanda, Japan39;s vice minister of finance for international affairs, told reporters.

However, when there are excessive fluctuations or disorderly movements due to speculation, the market is not functioning and the government may have to take appropriate action. We will continue to take the same firm approach as we have in the past.

Tokyo is suspected to have intervened on at least two separate days last week to support the yen after it tumbled to lows last seen more than three decades ago.

Bank of Japan data suggested authorities spent more than 9 trillion yen 58.4 billion in defence of the currency, helping lift the yen from a 34year low of 160.245 per dollar to a roughly onemonth high of 151.86 over the span of a week.

Tokyo is estimated to have spent around 60 billion during its last forays in the market to prop up the yen in September and October 2022.

The yen , which is down nearly 9 on the dollar this year, was last trading around 154.50 in the early Asian afternoon.

Japan is reluctant to intervene…