Abstract. We study the action on modulation spaces of Fourier multipliers with symbols e iµ(ξ) , for real-valued functions µ having unbounded second derivatives. In a simplified form our result reads as follows: if µ satisfies the usual symbol estimates of order α ≥ 2, or if µ is a positively homogeneous function of degree α, then the corresponding Fourier multiplier is bounded as an operator between the weighted modulation spaces M p,q s and M p,q , for all 1 ≤ p, q ≤ ∞ and s ≥ (α − 2)n|1/p − 1/2|. Here s represents the loss of derivatives. The above threshold is shown to be sharp for any homogeneous function µ whose Hessian matrix is non-degenerate at some point.