Washington Is Cool To The Yen
TREASURY SECRETARY ROBERT Rubin feels Japan's pain. But he's not promising any action to bolster the yen. After meeting in Washington with Japanese Finance Minister Hikaru Matsunaga on Apr. 15, Rubin said that he "shared his concern" about the yen's "excessive depreciation" to a recent six-year low of 135 yen to the dollar. Both ministers pledged to "cooperate closely as appropriate" to bolster the currency. But that and 292 yen will get you a cup of latte: The U.S. has pointedly remained aloof from the Bank of Japan's recent massive buying spree.