Japan economics minister says yen heading for appropriate level
TOKYO (REUTERS) - Japan's new Economics Minister Akira Amari said on Thursday the yen was heading toward appropriate levels with its recent weakening, and that it was important to maintain the downward trend.
"As for the yen's firmness, at (around) 85 yen (per dollar) today, it is heading for appropriate levels. It is important to maintain this trend," said Mr Amari, who is in charge of reviving the economy. Eighty five yen is equivalent to S$1.22.
The yen slipped to its lowest in more than two years against the dollar on Wednesday and has retreated steadily in recent weeks, as Mr Shinzo Abe and his Liberal Democratic Party won a landslide election victory while pressuring the Bank of Japan for monetary easing to counter protracted deflation.
Mr Abe's new government was sworn in on Wednesday.