Japan Ministers Defend Takaichi’s Remarks about Yen

Tokyo, Feb. 3 (Jiji Press)–Japanese Finance Minister Satsuki Katayama and economic and fiscal policy minister Minoru Kiuchi on Tuesday defended Prime Minister Sanae Takaichi’s recent remarks about foreign exchange rates, saying the comments did not highlight the benefits of a weaker yen. The prime minister’s remarks were “a general discussion of the impact of a weaker yen on the economy,” Katayama told a press conference. Takaichi said in a stump speech on Saturday that the government’s foreign exchange fund special account is gaining large profits through investment because of a weaker yen. The remarks were taken by market players as Takaichi’s support for a weaker yen, sending the Japanese currency lower against the dollar. Katayama said Takaichi’s remarks reflected the prime minister’s usual, textbook view that a weaker yen raises import costs and weighs on people’s livelihoods and business activity, while also offering some benefits by making exports more competitive and improving corporate sales. “I, as the finance minister, share exactly the same view,” Katayama said. END [Copyright The Jiji Press, Ltd.]