Japan’s Amari Says Yen Is Still Correcting From Excessive Gains

Japanese Economy Minister Akira Amari
Akira Amari, economy minister of Japan, is seen in this Dec. 27, 2012 photo. Photographer: Kiyoshi Ota/Bloomberg

Jan. 17 (Bloomberg) -- Japanese Economy Minister Akira Amari said the yen is still in the process of correcting from excessive gains and that his remarks earlier this week on yen weakness were misinterpreted.

“The media didn’t report my full remarks and that caused a reaction in the markets,” Amari told reporters today in Tokyo.

The yen rose the most since May versus the dollar on Jan. 15 after Amari said that excessive weakening in the yen could have harmful effects on people’s livelihoods, indicating possible limits on Prime Minister Shinzo Abe’s campaign to drive down the currency.

The currency snapped a two-day advance today, falling 0.3 percent to 88.60 as of 4:28 p.m. in Tokyo.

To contact the reporter on this story: Keiko Ujikane in Tokyo at kujikane@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net