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Japanese Official Warns against Speculative Yen Weakness

Japanese Official Warns against Speculative Yen Weakness

   Tokyo, March 27 (Jiji Press)--Japanese Vice Finance Minister for International Affairs Masato Kanda on Wednesday warned against what he sees as the yen's weakness driven by speculators.
   The recent movements of foreign exchange rates are "not in line with economic fundamentals," Kanda told reporters. "There are clearly speculative moves" behind the changes, he said.
   Against excessive exchange rate fluctuations, "we'll take appropriate actions without excluding any means," he said after an emergency meeting of officials from the Finance Ministry, the Financial Services Agency and the Bank of Japan.
   The meeting took place after the dollar climbed as high as 151.97 yen in Tokyo trading Wednesday, its highest level in over 33 years. The dollar's recent strength has fueled speculation that Japanese authorities will intervene in currency markets to support the yen.
   Wednesday's dollar rise also met with a warning by Japanese Finance Minister Shunichi Suzuki, who said, "We'll take decisive action against excessive moves without ruling out any options."

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AFP-JIJI PRESS NEWS JOURNAL


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