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Business

September 15, 2010

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Japan business lobby urges govt to take steps on yen

Japan business lobby urges govt to take steps on yen
TOKYO: The head of Japan’s most powerful business lobby urged the government to take steps to halt the rising yen, including intervening in the currency markets, after the yen hit a fresh 15-year high against the dollar on Tuesday. “In times when the yen is rising sharply, we would like for appropriate steps to be taken, including solo intervention,” Hiromasa Yonekura, head of Nippon Keidanren, was quoted as saying on public broadcaster NHK.
Yonekura’s comments came after Prime Minister Naoto Kan won a ruling party leadership vote earlier Tuesday, raising speculation Tokyo would not act immediately to stem the yen’s rise, which is threatening Japan’s export-reliant economy.
Kan’s government has repeatedly expressed concern about the strong yen and its impact on the economy, but so far has refrained from intervening and was generally seen as less likely to do so than his challenger in the vote, Ichiro Ozawa.
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