Yen rate
The Bank of Japan’s chief, Haruo Maekawa, has told the IMF-World Bank annual meeting that Japan wants the yen to appreciate on foreign exchange markets. He said the yen’s exchange rate against the dollar was being strongly influenced by such factors as interest rate differentials to the extent that recent movements did not justly reflect the favourable state of Japan’s fundamentals. “Japan wishes that the yen appreciates on the strength of its favourable economic performance,” Mr Maekawa said. Japan’s real growth this year should be about 3.4 per cent after a 3.3 per cent rise in fiscal 1982, he said. The recent rise in Japan’s current account was due mainly to factors beyond its control, including a fall in oil prices and the stronger dollar, he said.
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Press, 1 October 1983, Page 21
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129Yen rate Press, 1 October 1983, Page 21
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