Finance Minister Masajuro Shiokawa said Wednesday morning that Japan is ready to carry out foreign-exchange intervention, including joint intervention with U.S. and European authorities, if speculative capital undermines the foreign-exchange situation.
Shiokawa also said he telephoned U.S. Treasury Secretary Paul O’Neill earlier in the day. O’Neill canceled his meetings the same day with Shiokawa, Financial Services Minister Hakuo Yanagisawa and Bank of Japan Gov. Masaru Hayami.
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