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Shoichiro Toyoda, chairman of the Japan Federation of Economic Organizations (Keidanren), said Feb. 3 an exchange rate of between 110 yen and 120 yen to the dollar would be appropriate, revising his previous acceptance of a higher yen.

“I had been saying last year that a level of between 100 yen and 110 yen to the dollar would be desirable, but taking into consideration various opinions, I have come to the conclusion that a level of between 110 yen and 120 yen would be adequate,” Toyoda said. “This means the world now sees Japan that much weaker,” he said, citing the need for further economic deregulation and corporate restructuring to rebuild the nation’s strength.

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