Yen is too high for Japan economy now - Opposition

Japan’s main opposition finance spokesman Masaharu Nakagawa has been interviewed by reuters. Asked whether the current USD/JPY level just below 100 was in line with Japan’s economic conditions, the official answered “I think it is too high (the yen)”, adding “It is possible that more firms find it difficult to remain profitable by producing in Japan…..From what I hear from the private-sector, the dollar at 100 yen is borderline.” Nakagawa feels currency rates should be left to market players to decide, but added that he agreed with the government’s stance on acting appropriately when forex rates fluctuate rapidly out of line with Japan’s economic fundamentals. USD/JPY has ticked marginally higher in early European trade, presently at 97.70.

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