Authorities are prepared to take appropriate action to stabilize currency markets, Vice Finance Minister Takeshi Komura said Monday, adding he is concerned about the yen’s recent weakening.The ministry’s top bureaucrat told a regular press conference that the yen’s depreciation is “undesirable.”Touching on the day’s drop in share prices, Komura said implementing measures aimed at dispelling worries in the financial sector will help boost confidence in the domestic economy. Komura said he is confident that the economy will pick up after the measures are passed in the upcoming Diet session. He cited as one such measure the galvanizing of the Deposit Insurance Corp. through 30 trillion yen in government guarantees and bond grants.”Through passage of the bills as quickly as possible and the cooperation of private financial institutions to reduce anxiety, I expect bright prospects for the economy,” he said. In late December, the ruling Liberal Democratic Party and government mapped out steps to boost confidence in the banking sector, avert a credit crunch and spur domestic demand through the use of public funds and income and corporate tax cuts.

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