— Japan Azumi Does Not Say If Recent Euro Drop Excessive
TOKYO (MNI) – Japanese Finance Minister Jun Azumi said on Friday
that Tokyo is closely watching the recent volatile currency market
fluctuations as the stronger yen against the dollar and euro threatens
the economy’s export-led recovery.
“We are closely watching the movements of the foreign exchange
markets,” he told reporters, without responding directly to the question
as to whether he regards the recent fall of the euro below Y100 as
“excessive.”
The Group of 20 industrialized and emerging economies have said
“excess volatility and disorderly movements in exchange rates have
adverse implications for economic and financial stability,” which Tokyo
has used to justify its massive yen-selling forex intervention.
Azumi said the recent drop in the euro, which is having a major
impact on Japan’s exports and thus growth prospects, reflects a call on
European countries to “make further efforts to relieve markets,” adding
that global growth this year hinges on whether the eurozone members can
rebuild their economies.
The U.S., China, Britain and Japan will consider what they can do
to support the eurozone after seeing the region’s own efforts, he said.
tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4833 **
[TOPICS: M$A$$$,M$J$$$,MGJ$$$,M$$FX$]
