Japan's top financial diplomat said on Tuesday the rapid appreciation of the yen since the end of last week reflects market speculation and he is ready to act if needed. Takehiko Nakao, vice finance minister for international affairs, said there is a need to be vigilant on the foreign exchange market to see if there are speculative moves causing the yen's rise. He told reporters at the ministry he is closely monitoring the market with caution so that action can be taken in a timely, appropriate manner. The dollar was around 79.76 yen on Tuesday, down from around 81 yen at the end of last week. (full story)