(Bloomberg) -- Bank of Japan Governor Haruhiko Kuroda said the government’s intervention in the foreign exchange market last week was appropriate given the recent volatility in the yen. 

The government’s action Thursday didn’t contradict with the BOJ’s ongoing monetary stimulus as the former is aimed at countering rapid, one-sided slide in the yen while the central bank’s monetary easing needs to stay in place to shore up the economy, Kuroda said Monday.

“The intervention was conducted by the finance minister’s decision as a necessary means to deal with excessive moves and I think it was appropriate,” he said.

Kuroda, in his first public comments following the intervention, was speaking at a media conference in Osaka after meeting business leaders in the region. 

The dollar was trading around 143.85 yen as of 5:03 p.m. Tokyo time, little moved by his comments.

Japan intervened to prop up the yen for the first time since 1998 on Thursday. The move came after the yen fell past the key psychological level of 145 against the greenback and Kuroda showed determination to stick with ultra-low rates for even longer than previously expected. 

Kuroda also reiterated Monday the need for ongoing monetary easing because he views the current cost-push inflation isn’t sustainable and price growth will drop below the BOJ’s 2% target next year.

(Adds Kuroda comment, yen levels)

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