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Hamada Endorses Yen at 100 Even After Instructions to Stay Quiet

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Hamada Endorses Yen at 100 Even After Instructions to Stay Quiet
The currency was at 95.78 per dollar at 11:20 a.m. in Tokyo after touching a three-and-half-year low earlier this week. Photographer: Yuriko Nakao/Bloomberg

March 14 (Bloomberg) -- An adviser to Japanese prime Minister Shinzo Abe endorsed a yen level of 98 to 100 per dollar even as he said he was scolded by the government for similar remarks that risked friction with Group of 20 nations.

“A level of 98 or 100 would be good,” Koichi Hamada, 77, a retired Yale University professor, told reporters today in Tokyo. He earlier told ruling party lawmakers that Economy Minister Akira Amari “asked me not to anger the G-20.”

Japan is seeking to limit tension with other leading economies that last month pledged to refrain from targeting exchange rates for competitive purposes. The yen has fallen more than 16 percent in four months as Abe presses for more aggressive easing under a new Bank of Japan leadership, with parliament voting today and tomorrow on his nominations.

The currency was at 95.78 per dollar at 11:20 a.m. in Tokyo after touching a three-and-half-year low earlier this week.

G-20 finance chiefs signaled in February that Japan has scope to keep stimulating its economy as long as policy makers cease publicly advocating a sliding yen that’s helping exporters from Toyota Motor Corp. to Panasonic Corp.

South Korea’s outgoing Finance Minister Bahk Jae Wan said in January that his nation’s exporters may be “at risk” from Japanese policies.

To contact the reporters on this story: Takashi Hirokawa in Tokyo at thirokawa@bloomberg.net; Andy Sharp in Tokyo at asharp5@bloomberg.net

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

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