Japanese new Finance Minister Jun Azumi said Tuesday he plans to appeal to other Group of Seven (G-7) industrialized nations later this week about Tokyo's concerns over the yen's appreciation, which is a threat to the country's export-oriented economy.
"I want to clearly tell them that we are very concerned about excessive rises in the yen and are carefully watching speculative moves in the foreign exchange market," Azumi told a press conference ahead of a meeting of the G-7 finance ministers and central bank governors due Friday in Marseille, France. "I will try to convince them to share the common view," Azumi, who took office Friday by succeeding Yoshihiko Noda, who is now prime minister.
The Japanese currency hit a postwar high of JPY 75.95 against dollar on Aug. 19 in New York. As of 3:15 p.m. (0615 GMT) Tuesday, the dollar traded at JPY 76.82-84 in Tokyo. A stronger yen hurts the nation's export-led economy, which has been gradually recovering from a slump following the March 11 earthquake and tsunami, as it makes Japanese products more expensive abroad.
Azumi also said the upcoming G-7 talks among Britain, Canada, France, Germany, Italy, Japan and the US will be a very important meeting that will become a milestone for the global economy.
The minister added that he will explain to other G-7 members Noda administration's resolve to address Japan's fiscal problems and possible tax hikes.