Reuters: US Dollar Report: Japan MOF's Nakao: to act decisively on excess yen gains

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Japan MOF's Nakao: to act decisively on excess yen gains Oct 3rd 2012, 06:06 TOKYO | Wed Oct 3, 2012 2:06am EDT TOKYO Oct 3 (Reuters) - Japan's top currency tsar repeated determination to act firmly against excessive yen gains, saying its recent movements have been one-sided and do not reflect the country's economic fundamentals. "Our position is that recent yen appreciation is one-sided and doesn't represent economic fundamentals," Takehiko Nakao, Japan's vice finance minister for international affairs, told reporters at the Foreign Press Center Japan on Wednesday. "If there is a big movement in currencies we'll take decisive action if needed, that is our stance," he said. Japan will host a Group of Seven finance ministers' meeting and separate annual gatherings of the International Monetary Fund and World Bank next week.

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