ID :
205151
Sun, 09/04/2011 - 20:14
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Shortlink :
https://oananews.org//node/205151
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Japan to raise concern about strong yen at G-7 financial meeting
TOKYO, Sept. 4 Kyodo -
Japan's new Finance Minister Jun Azumi said Sunday he will raise the issue of the strong yen at the forthcoming meeting of finance ministers and central bank governors from the Group of Seven advanced economies.
''I will say that a strong yen could possibly slow the Japanese economy and cause it to diverge downward,'' Azumi said in a TV program, referring to the recent upsurge of the yen in the foreign exchange market, with the U.S. dollar, for example, falling to historic low levels in the 76-77 yen range.
Azumi said he observes the yen has been rising lopsidedly, and added that he would not hesitate to conduct a yen-selling market intervention. Japan should take ''decisive action when it is necessary,'' he said.
The G-7 meeting of financial chiefs is scheduled on Friday and Saturday in France.
As for a third extra budget for the current fiscal year, Azumi said he wants to ready a bill to submit to the Diet as early as mid-October. He reiterated that the government may have to seek provisional tax hikes for the budget, if it sees shortfalls in financial resources even after spending cuts.
Japan's new Finance Minister Jun Azumi said Sunday he will raise the issue of the strong yen at the forthcoming meeting of finance ministers and central bank governors from the Group of Seven advanced economies.
''I will say that a strong yen could possibly slow the Japanese economy and cause it to diverge downward,'' Azumi said in a TV program, referring to the recent upsurge of the yen in the foreign exchange market, with the U.S. dollar, for example, falling to historic low levels in the 76-77 yen range.
Azumi said he observes the yen has been rising lopsidedly, and added that he would not hesitate to conduct a yen-selling market intervention. Japan should take ''decisive action when it is necessary,'' he said.
The G-7 meeting of financial chiefs is scheduled on Friday and Saturday in France.
As for a third extra budget for the current fiscal year, Azumi said he wants to ready a bill to submit to the Diet as early as mid-October. He reiterated that the government may have to seek provisional tax hikes for the budget, if it sees shortfalls in financial resources even after spending cuts.
