Japan is prepared to take action in the foreign exchange market to stem the rising yen currency, according to its finance minister.<\/p>\n
The remarks by Jun Azumi succeeded in weakening the value of the yen against the US dollar in Monday trading.<\/p>\n
The yen hit a record high against the dollar in New York on Friday.<\/p>\n
Mr Azumi’s comments came as Japan reported export growth of 2.4 percent in September compared to a year ago, according to the Ministry of Finance.<\/p>\n
That follows a month of growth in overseas shipments during August.<\/p>\n
Record high<\/p>\n
Japan’s exports, hard hit by the earthquake and tsunami that struck in March, have been dented by the strength of the yen.<\/p>\n
A strong yen makes Japanese products more expensive in overseas markets compared to Asian rivals such as China and South Korea.<\/p>\n
Last week, the yen touched 75.78 against the US dollar, alarming Japan’s companies and government officials.<\/p>\n
“This is an utterly speculative move and not reflecting the economic fundamentals at all. This is regrettable,” Mr Azumi said.<\/p>\n
“If this move becomes excessive, we have to take decisive action. I already instructed my staff on Saturday to be prepared to take action.”<\/p>\n
His comments will be seen as a warning to currency speculators whose actions could be contributing towards the yen’s rise.<\/p>\n
Now, investors are waiting to see if the government will directly intervene in the currency markets again.<\/p>\n
The last time officials intervened was in August, when they spent a record amount of money trying to weaken the yen.<\/p>\n
source: http:\/\/www.bbc.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"
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