Economics Minister of Japan Heizo Takenaka said on Thursday that the yen's current rate was not out of line with economic fundamentals, despite its recent steep fall.
Published:
28 December 2001 y., Friday
The yen was weakening against the dollar because an economic recovery in the United States was anticipated earlier than first expected, he said. "In that sense, considering Japan's fundamentals, there are no factors that would prevent (a weak yen)," he added.
Comments by Japanese officials seen as condoning a steady fall in the yen have fanned speculation that the government is eyeing a weaker currency as a convenient way to help lift the economy from recession.
In Tokyo trade on Thursday, the dollar advanced to fresh three-year highs above 132 yen at one point.
On the fiscal front, Takenaka said he saw no need for an additional fiscal stimulus in fiscal 2002/03 and beyond.
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