By Makiko Yamazaki

TOKYO (Reuters) -Japanese Finance Minister Katsunobu Kato said on Friday that the government was concerned about excessive volatility in the foreign exchange market as the yen came under pressure due to fiscal concerns.

“We have been recently seeing one-sided, rapid moves on the foreign exchange market,” he said, signaling concerns over the yen’s sharp downturn since the election of fiscal dove Sanae Takaichi as the ruling party’s new leader on Saturday.

The Japanese yen is on pace for a near 4% drop over the week, its biggest decline since early October last year, as investors fret about Takaichi’s more fiscally expansive policy stance and fast-receding chances of a near-term rate hike.

“As I have stated before, what’s important is that exchange rates move in a stab

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