Japan Will Take 'Decisive Action' On Soaring Yen If Necessary

yen note

Photo: Ivan Walsh via Flickr

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.”

scepticism 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.

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