June 25, 1999
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| June 25, 1999 | atimes.com | |
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| Japan Economy BOJ intervention 'aimed at avoiding market fluctuation' TOKYO - The government and the Bank of Japan have intermittently intervened in the foreign exchange market to prevent speculative yen-buying, Finance Minister Kiichi Miyazawa told a press conference Tuesday. ''We have avoided a market fluctuation, of which a danger has arisen with the yen rising on growing expectations of an economic recovery in Japan,'' Miyazawa said. Expectations of a turnaround received a boost from higher-than-expected GDP figures for the January-March quarter. Some analysts believe the market intervention is aimed at underpinning the economy by supporting exporters. Miyazawa denied this, however, saying, ''We intended neither to benefit the export industry nor to promote economic growth." The finance minister said he put the idea of intervening to stem the yen's rise to U.S. Treasury Secretary Robert Rubin and other Group of Seven finance ministers in Frankfurt on June 12. While the idea was ''welcomed'' by European finance chiefs, ''I didn't seek agreement on an appropriate yen-dollar exchange rate,'' Miyazawa said. (Asia Pulse/Nikkei) | |||||||||
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