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2020-02-19 11:42:45 阅读:720565

Aso attacks Hayami for weak yenTaro Aso, minister for economic and fiscal policy, said Friday that he does not advocate promoting a weak yen to boost the economy — a negative reference to remarks made Wednesday by Bank of Japan Gov. Masaru Hayami.“Fundamentally, it is wrong to welcome the weakening of your country’s currency,” Aso

told a news conference held after the day’s Cabinet meeting.“I do not support the idea of allowing the yen to move lower in order to ease the pressure of deflation, as a weaker yen could trigger selling of Japanese stocks by overseas

i

nvestors,” he said.Aso was commenting on the recent easing

of the yen against the dollar that followed Hayami’s comments, which were interpreted as suggesting intervention to weaken the yen may be an option to reinvigorate the faltering economy.Although Hayami later said his comments were misinterpreted, the dollar rose above 120 yen for the first time in 20 months at one point in Tokyo on Thursday.Aso also said the Cabinet Office’s downgrading of its assessment of the economy’s health in its monthly repor

t for March was natural in view of negative economic statistics.If the economy shows worse-than-expected symptoms, “there is an option to support it by fiscal measures,” he added.But Takeo Hiranuma, economy, trade and industry minister, seemed to be at odds with Aso over the currency. He said at a separate news confere

nce the same day that the recently weakening yen is at “tolerable” levels.A weaker yen will have favorable effects on the slumping economy, such as increased exports, he said.While warning against the possibility of a weaker yen curbing foreign investments in Japan, Hiranuma said the yen’s current level at around 120

to the dollar does not pose any serious problem.“In light of the current economic conditions, the yen’s weakness is tolerable as long as the currency shows moderate moves,” he said. Miyazawa apologizesFinance Minister Kiichi Miyazawa apologized Friday for remarks he made the previous day that the nation’s fiscal conditions were “near catastrophe,” sayi

ng the wording was inappropriate.“I apologize for my inappropriate choice of words Thursday to describe current fiscal conditions,” Miyazawa said after Friday’s Cabinet meeting. “I meant to say that Japan is facing a hard time reforming its fiscal situation.”Miyazawa had said the fiscal situation is very close to collapse., underscoring the need for the government to work out dramatic measures to restore the government’s finances.Miyazawa’s correction of his earlier remark is apparently an attempt to calm the financial markets, which responded dramatically to his words Thursday and drove the dollar to the 120 yen level.Miyazawa went on to voice concerns over a possible stall in corporate capital spending, which, according to the ministry’s latest report, shows a robust increase in the October-December quarter.“Capital investment has been rising for the past year 助赢北京pk10软件下载 and a half. From the viewpoint of the economic cycle, it may well stall in the summer,” Miyazawa said.The Cabinet Office released data Thursday showing core mac

hinery orders,

a leading indicator of capital

investment about six months ahead, sank 11.8 percent in January from the previous month.Touching on the need for further monetary easing steps by the Bank of Japan, Miyazawa repeated his official line, saying, “Monetary policy decisions are up to the BOJ.”TwitterFacebookLinkedInGET THE BEST OF THE JAPAN TIMESIN FIVE EASY PIECES WITH TAKE 5Mail the editorError ReportRepublishingCommenting PolicyJOIN THE CONVERSATIONLATEST BUSINESS STORIESWorkplace equality 'decades away

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