Japan proposes measures to stabilise currency market

Tokyo, Feb 12 (IANS) The Japanese government on Friday proposed a discussion on measures to stabilise currency exchange rates to stem the volatility in international markets.

Japan’s Finance Minister Taro Aso said it is necessary to strengthen collaboration among the main economic powers, in the wake of the latest shake-up in currency markets as well as the main stock exchanges across the world, EFE news reported.

Aso said Japan would like such cooperation policies to be examined in the meeting of the upcoming G20 finance ministers and central bank governors, scheduled to take place from February 26-27 in Shanghai.

Meanwhile, the US dollar, which was being traded in Tokyo in the range of 112 yen when markets opened, fell to 110.99 yen on Thursday, a 15-month low.

“Sudden foreign exchange moves are undesirable,” said Aso at a press conference that followed a morning meeting of the Japanese Cabinet.

The surge in the yen is harming Japanese exports, which take advantage of the weak local currency to strengthen share purchase, and instilling risk aversion among Tokyo investors, a trend spreading globally in the wake of collapsing markets.

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