VALUE OF YEN
Change thought less likely (N .Z.P.A.-Reuter—Copyright) TOKYO, Dec. 5. A senior United States Embassy official said that the inevitability of a second yen revaluation appeared to have receded. In the last two weeks, he said, he had sensed a “very great stiffening” in Japanese banking, political and business circles against a revaluation, “They don’t want to revalue the yen and they don’t think they’re going to have to,” the official said in reply to reporters’ questions yesterday. The Prime Minister (Mr Kakuei Tanaka) has denied repeatedly that his Government, which faces re-election on December 10, will revalue the Japanese currency, but business and financial circles had been anticipating a revaluation. The same United States official said a month ago that a 10 per cent revaluation, expected shortly after Mr Tanaka’s re-election and by January 1 at the latest, appeared inevitable.
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Press, Volume CXII, Issue 33092, 6 December 1972, Page 19
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143VALUE OF YEN Press, Volume CXII, Issue 33092, 6 December 1972, Page 19
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