Japanese Officials Worried about Yen's Rapid Drop

Politics Economy

Tokyo, April 13 (Jiji Press)--Japanese government officials are increasingly worried about the yen's rapid depreciation after the dollar hit a 20-year high above 126 yen in Tokyo trading Wednesday.

They are concerned that a further drop in the yen will batter the Japanese economy and personal consumption by pushing up import prices.

"Foreign exchange rates need to be stable and their rapid change is not desirable," Chief Cabinet Secretary Hirokazu Matsuno told a news conference.

Finance Minister Shunichi Suzuki told reporters that the government "will closely watch exchange rates with a sense of tension."

Concerns are growing also among businesses that higher import prices may hurt their earnings.

[Copyright The Jiji Press, Ltd.]

Jiji Press