— Japan’s Azumi: 3rd Supplementary Budget To Total Over Y11 Trln

TOKYO (MNI) – Japanese Finance Minister Jun Azumi repeated on
Tuesday that Tokyo will take decisive action on an excessive rise in the
yen, if necessary.

He also told a regular news conference that the planned third
supplementary budget for rebuilding the earthquake-hit northeastern
region will total more than Y11 trillion, without elaborating further.

“Excessive gains in the yen, including those based on speculative
moves, will dampen the Japanese economic recovery,” said Azumi. “We will
closely monitor the developments (in the foreign exchange market) and
take decisive action if necessary.”

Skepticism about whether Europe can pull Greece out of its debt
crisis is behind the recent stock market sell-off and the falling euro
against the yen, he said.

Capital is flowing into Japan as Japanese banks’ exposure to the
European debt is limited, he added.

** Market News International Tokyo Newsroom: 81-3-5403-4833 **

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