TOKYO, June 21 Kyodo

‘’We can not control the market ourselves. But in terms of foreign exchange policy, we will continue to closely follow markets with caution,'’ he said.

‘’It is not good for politics to intervene in the free market. But when major changes are brought about deliberately, there are times when whatever is behind such moves must be corrected,'’ Shiokawa said at a news conference.

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Finance Minister Masajuro Shiokawa reiterated Friday that Japan’s monetary authorities will keep a close eye on the exchange markets and take action to counter drastic movements if necessary, although he said Japan alone cannot control the markets.

The U.S. dollar remained weak around 123.50 yen in early Tokyo trading Friday, almost unchanged from its levels overnight in New York where it fell below that level on poor U.S. trade data.

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Japan has intervened in currency markets four times since late May to arrest the yen’s rise, because a stronger yen could throw cold water on Japan’s improving economy which is primarily led by exports.

posted by Administrator at 4:45 pm & filed under Euros |