Kan Says Yen Move Undesirable; Union Urges G-7 Action
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Japan’s Prime Minister Naoto Kan said “steep currency moves are undesirable” as the yen’s climb to a 15-year high prompted the country’s top labor leader to urge joint action from the Group of Seven countries.
“I want to closely monitor” the foreign exchange market, Kan told reporters in Tokyo today. He spoke after meeting with Nobuaki Koga, head of the Japanese Trade Union Federation, who said he told the prime minister that G-7 finance ministers and central bankers should coordinate action to stabilize the yen.