UPDATE 1-Japan finance minister reiterates concerns over excessive FX moves

Adds detail, context

By Makiko Yamazaki

TOKYO, Dec 27 (Reuters) - Japan Finance Minister Katsunobu Kato reiterated on Friday concerns over a sliding yen, repeating his warning to take action against excessive currency moves.

"We have been seeing one-sided, sharp currency moves recently," Kato said at a regular press conference. "The Japanese government has been alarmed by foreign exchange developments, including those driven by speculators, and will take appropriate action against excessive moves," he said.

The U.S. dollar hit a fresh five-month high above 158 yen briefly on expectations the greenback would be boosted next year by policies of the incoming Donald Trump administration that are expected to boost growth and lift inflation.

Kato's latest comments were mostly the same as late last week, when he stepped up the level of warning after the Bank of Japan kept interest rates unchanged and its governor offered few clues on how soon it could push up borrowing costs.

The yen's recent weakness reflects growing expectations that the U.S.-Japan interest rate differentials may not narrow as fast as previously expected.

Japan last conducted a yen-buying intervention in July to support its currency when it tumbled to a 38-year low below 161 per dollar.

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

((Makiko.Yamazaki@thomsonreuters.com;))