Japan closely watching stock moves but is not in a phase of action, finance minister says

TOKYO (Reuters) -Japanese authorities are closely watching stock market developments but are not in a phase of taking specific actions, Finance Minister Shunichi Suzuki said on Thursday, as volatility in the country's financial markets showed no signs of abating.

"The stock market is determined by various factors such as economic situations, foreign exchange, corporate activities," Suzuki told a press conference.

Japan's benchmark Nikkei share average tumbled 12.4% on Monday, before staging a two-day rebound. The volatility was partly due to uncertainty over the interest rate path of Japan's central bank.

The Bank of Japan's Deputy Governor Shinichi Uchida on Wednesday played down the chance of a near-term hike in interest rates, while a summary of opinions at the BOJ's July policy meeting showed some BOJ policymakers called for the central bank to keep raising interest rates.

Asked about Uchida's comments, Suzuki said monetary policy specifics should be up to the BOJ to decide and declined to comment further.

(Reporting by Makiko Yamazaki; Editing by Himani Sarkar and Muralikumar Anantharaman)