October 23, 2011 / 11:58 PM / 7 years ago

Japan Azumi: will act decisively versus excess FX moves

TOKYO (Reuters) - Japanese Finance Minister Jun Azumi said on Monday that Japan will take decisive action on excessive and speculative foreign exchange moves and that he did not believe the strong yen, at less than 76 per dollar, reflected economic fundamentals.

He added that the strong yen would have a major impact on Japan’s export sector, especially the auto industry, and could dent Japan’s economic recovery after the March 11 disaster.

He made the remarks after the U.S. dollar hit a record low of 75.78 yen on trading platform EBS on Friday, surpassing its previous record low of 75.941 set in August, bringing back into focus the possibility of official intervention to weaken the Japanese currency.

Reporting by Kaori Kaneko; Editing by Edmund Klamann

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