TOKYO, Oct 16 (Reuters) - Japan's top currency diplomat Masato Kanda said on Monday authorities will take appropriate action against a backdrop of excessive moves in the yen when needed, adding interest rates are merely one factor in determining exchange rates.

The yen is still perceived as a safe asset along with the Swiss franc and U.S. dollar, Kanda, who is Japan's vice finance minister for international affairs, also said. (Reporting by Satoshi Sugiyama; Editing by Toby Chopra)