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Overly weak yen would hit import prices: Amari

Kyodo

Economic and fiscal policy minister Akira Amari expressed caution Monday over the yen becoming excessively weak against the dollar, warning it would lead to more costly imports, such as for fuel.

“It would weigh on people’s livelihoods if the U.S. currency rises above the triple-digit level against the yen and brings about higher import prices,” Amari said on a TV program.

He said the dollar-yen exchange rate “has come to a fairly good level” in the ¥89 range.

On Monday in the Oceanian market, the dollar continued to strengthen against ahead of the Jan. 21-22 policy meeting of the Bank of Japan, which is expected to further ease its monetary grip.

Amari also said after his TV appearance that he expects the planned statement by the government and BOJ to be finalized before Prime Minister Shinzo Abe’s Southeastern Asia tour.