TOKYO (MNI) – Japanese Finance Minister Jun Azumi repeated on
Tuesday that the recent rise of the yen to a record high level against
the dollar was driven by speculative activity, vowing to take “decisive
action” against such moves.
“I perceive the recent rapid rise in the yen in a short period as
speculative and not reflecting economic fundamentals,” he told
reporters.
“We will take decisive action on excessive moves.”
Azumi said he has told ministry staff to prepare all possible
measures to stem the yen’s steep rise, which will hurt Japan’s
export-led economic recovery.
“The stability of currencies cannot be realized by one country,” he
said, urging the eurozone nations to present a comprehensive plan to
resolve their sovereign debt crisis.
In other comments, Azumi said the government and the Bank of Japan
are “considering” a plan to supply Thai baht to Japanese firms that
have been forced to suspend their production in flood-hit Thailand.
tokyo@marketnews.com
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