Japan and the United States expressed concern Monday over the recent depreciation of the yen, with Tokyo saying it was prepared to take action against excessive movements to stabilize foreign exchange markets.

The concerns were mentioned in two statements issued after U.S. Deputy Treasury Secretary Lawrence Summers met Finance Minister Hiroshi Mitsuzuka here in the morning. Summers came to Tokyo while en route to Manila for a meeting of the deputy finance ministers of 12 Asia-Pacific economies for talks on creating a new Asian monetary fund.

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