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Wednesday, 8th October 2008
In General Japan News,

Minister cautious on strength of yen

Shoichi Nakagawa, finance minister of Japan, has expressed caution on the recent strength of the yen.

He told reporters today that he did not see the recent rally against other worldwide currencies as being excessively volatile, but he also promised to closely monitor the movements in the financial markets, Kyodo reports.

Mr Nakagawa claimed the fundamentals of the Japanese economy are superior to those of both Europe and the US.

"I do not see the foreign exchange movement as being too wild," he said.

He added the fundamentals of the Japanese economy are better than those of the US and European economies.

Reuters today reported Japanese prime minister Taro Aso is considering delaying the general election forecast for next month as a result, with the global financial crisis and recession providing a "perfect excuse".

It noted Mr Aso took up the position last month following the resignation of his predecessor.

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