Japan fin min Aso says closely watching forex moves

[TOKYO] Japanese Finance Minister Taro Aso said on Friday he was closely watching foreign exchange moves after the yen hit a one-year high against the dollar this week, but declined to comment further when asked about currency levels.

The dollar briefly fell below 116 yen (S$1.414) on Wednesday for the first time in a year. It was trading around 117.55 yen on Friday.

Mr Aso also said the government and the Bank of Japan should stick to their joint statement and make efforts to achieve 2 perc ent inflation, which he said was an appropriate target given similar price goals set by other major central banks.

There was no need to fret over slumping oil prices as they are a big plus to the Japanese economy, Mr Aso said, adding that the country's economic fundamentals are "very strong". He was speaking to reporters after a cabinet meeting.

REUTERS