Finance Minister Hiroshi Mitsuzuka reiterated Friday that the nation’s current account surplus will not mark any significant increase in the long term.
In an apparent attempt to quell concerns over Japan’s rising external surplus, Mitsuzuka, speaking at a regular news conference, said he had not heard any concernsvoiced by the United States about the continued increase in the current account.
The current account surplus has been logging huge year-on-year growth in recent months, and Mitsuzuka said that on various occasions, such as at meetings of the Group of Seven finance ministers and central bankers, he has explained that the surplus will not grow markedly over the long term and that its present growth is only temporary.
At the same time, he acknowledged that some business leaders are seeking a weak yen to boost exports and support the economy. His response is that the government has never in the past encouraged the yen’s depreciation to stimulate the economy.