Minister hints yen should not fall past ¥100 to dollar

Akira Amari, Japanese minister for industrial revitalization, is speaking out  that the yen is approaching an appropriate level, and should not fall past ¥100 to the dollar.

Referring to the yen’s current levels past ¥89 to the dollar, the lowest in two and a half years, Amari said on a television program: “It, the yen, is moving in a good direction. It has reached fairly good levels.”Amari added, though: “If it falls to three-digit levels, a rise in import prices will weigh on people’s daily lives.” The issue of exchange rates “should be handled well,” he continued.

Speaking to reporters later, Amari said the selection of the successor to Bank of Japan Governor Masaaki Shirakawa will be decided by Prime Minister Shinzo Abe.
Amari expressed an intention to attend a meeting Abe plans to hold with financial experts this week about the appointment of the new central bank chief.
Shirakawa’s five year-term as BOJ governor expires in April.