Aso: Strengthening Yen Not Expected

Japanese Finance Minister Taro Aso warned market participants on the strengthening of the yen is too far, said that the yen's strength against the dollar overnight quite "ugly" and undesirable for the economy. Aso said that while in the near future there is no plan from the G20 and G7 countries to take coordinated action against the current market turmoil, the global financial authorities often communicate with each other on developments in the market.

Aso said that the strengthening of the yen rough, not sharp, when asked about the yen's strength against the dollar on Monday. For the economy to grow stably, preferably currency and stock prices moved gradually and stable, he added. The yen soared to a 7-month high against the dollar on Monday as investors worried about a slowdown in China bought the Japanese currency as a safe-haven from risk. Sharp strengthening of the yen is a worry for the Japanese government, which could lead to further pressure on the already weak export sector today.
Aso said that the current government does not plan to draw up a new stimulus package to shore up the economy, stressing that Japan's recovery is still running as companies reap revenues reached a record high thanks to a weaker yen. Aso also said that he does not speak directly to the US Minister of Finance Jack Lew on market movements in recent years, but the US and Japanese governments often exchange information.