Ja­pan fi­nance min­is­ter warns over yen’s rise

The China Post - - BUSINESS INDEX & -

Ja­pan’s fi­nance min­is­ter on Tues­day warned over the yen’s rapid rise af­ter the U.S. dol­lar plunged to a seven-month low against the unit on fears over China’s econ­omy and global growth.

In Tokyo the green­back fetched 119.60 yen fol­low­ing the com­ments com­pared to 118.51 yen in New York where it fell at one stage to 116.18 yen, its low­est level since Fe­bru­ary. The U.S. dol­lar was above 124 yen last week.

The euro was stronger at 137.95 yen from 137.55 yen in U.S. trad­ing, while it slipped to US$1.1538 against US$1.1606.

Ja­pan’s Fi­nance Min­is­ter Taro Aso on Tues­day cau­tioned over the yen’s rapid rise which he de­scribed as “rough,” and crit­i­cized China’s moves as “stir­ring fears” in global mar­kets.

A rapid rise in the yen hurts ma­jor Ja­panese ex­porters such as Toy­ota and Sony by dent­ing their com­pet­i­tive­ness over­seas and shrink­ing the value of repa­tri­ated prof­its.

Econ­omy Min­is­ter Akira Amari called for a “cool-headed ap­proach” but added that the shift into the yen “re­flected the strength of Ja­pan’s eco­nomic fun­da­men­tals.”

“The foun­da­tions of the global econ­omy have not been shaken — a cool-headed ap­proach is nec­es­sary,” he told re­porters.

In other trad­ing, Rus­sia’s cur­rency fell again af­ter the euro passed the sym­bolic 80-ru­ble mark on Mon­day.

The 19-na­tion cur­rency rose to 81.25 rubles on Tues­day, while the U.S. dol­lar was also up at 70.37 rubles.

The U.S. dol­lar mostly weak­ened against other Asia-Pa­cific cur­ren­cies.

It slipped to 46.67 Philip­pine pe­sos from 46.82 pe­sos on Mon­day, to 1,195.53 South Korean won from 1,198.98 won, to SG$1.4065 from SG$1.4134, and to 35.64 Thai baht from 35.79 baht.

The green­back rose to 14,076.90 In­done­sian ru­piah from 14,032.00 ru­piah and to 66.52 In­dian ru­pees from 66.49 ru­pees.

The Aus­tralian dol­lar slipped to 72.06 U.S. cents from 72.30 cents, while the Chi­nese yuan fetched 18.59 yen against 18.91 yen.

Newspapers in English

Newspapers from Taiwan

© PressReader. All rights reserved.