Japan should make efforts to stop the yen’s fall and keep it from negatively impacting Latin American economies, Colombian Finance Minister Antonio Urdinola said Monday.
Urdinola said that currencies in other parts of Asia are devalued because of the weak yen, and a currency devaluation in Latin American will follow. He also said the currency crisis in Asia has caused drops in the price of Colombia’s major products, such as oil and coffee.
Japan should take measures to restore the international community’s confidence in its financial system to rectify the yen’s devaluation, Urdinola said. The Colombian government had projected that its economy would grow 6 percent next year, but the growth will be less than 4 percent because of the negative environment, he added.
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