The government is closely monitoring developments in financial markets after the yen rose sharply and stocks tumbled following the Bank of Japan’s interest rate hike, Finance Minister Shunichi Suzuki said Friday. Speaking at a press conference, Suzuki said rapid yen fluctuations would have a negative impact on businesses and people’s livelihoods. Foreign exchange rates should be stable, reflecting economic fundamentals, he added. The yen has been rising against the U.S. dollar amid prospects that the interest rate differential will narrow.