TOKYO (MNI) – Japanese Economic and Fiscal Policy Minister Kaoru
Yosano said Wednesday that the ongoing appreciation of the yen exchange
rate has been excessive and does not reflect the fundamentals of the
Japanese economy.
Yosano spoke to reporters following a meeting of top Japanese
government economic policymakers, including Prime Minister Naoto Kan,
Finance Minister Yoshihiko Noda and Bank of Japan Governor Masaaki
Shirakawa.
Yosano spoke to the press following the meeting.
“The ongoing yen appreciation is excessive, and it has nothing to
do with Japan’s economic fundamentals,” he said.
Asked about the BOJ’s policy-setting meeting set for Thursday and
Friday, Yosano said, “BOJ will consider by itself” whether additional
monetary policy easing steps are needed under the current economic
conditions.
Yosano quoted Shirakawa as saying that the U.S. dollar has
continued to fall against the yen since the beginning of 2011 because of
concerns about the U.S. fiscal situation. Investors are trying to avoid
risk, he added.
He also said Shirakawa noted that Japan’s long-term interest rates
remain at low levels because of expectations that Japan will cope with
its own fiscal problems in the serious manner.
tokyo@marketnews.com
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