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Thursday, 1st October 2009
In Business In Japan,

Japan 'no plans' to discuss yen

Japan has stated it has no plans to discuss the recent rise of the yen at an upcoming finance leaders conference.

This weekend, G7 finance leaders and central bank governors are due to meet as part of the World Bank and International Monetary Fund meetings in Istanbul.

Discussions over the current state of the global financial market and life after the worldwide economic downturn will be on the agenda, but Japanese finance minister Hirohisa Fujii has said that the yen's recent strong performance will not be discussed.

Fujii has noted the benefits of a strong yen numerous times and has said in the past that he did not see the point of weakening the yen to help Japanese exports.

The minister is part of the newly-sworn in Japanese government, after Liberal Democrat party leader Yukio Hatoyama became prime minister in the August elections.

Forbes noted that earlier in this decade, Japanese authorities "intervened heavily" and took steps over a rising yen as it was harming the country's exports.

Written by Kimberley Homer.