The economic woes of Argentina are not likely to have major negative effects on the rest of the global economy, Vice Finance Minister Toshiro Muto said Monday.
The crisis in Argentina "has not much impacted the South American economy and it is not likely to have a big impact on the world economy," Muto told a regularly scheduled news conference.
He said he hopes the Argentine government will cooperate with international organizations such as the International Monetary Fund to deal with the crisis.
Argentine Economic Minister Jorge Remes Lenicov said Sunday his country will devalue the peso by nearly 30 percent to a rate of 1.4 pesos to the dollar and adopt a dual foreign exchange system to steer the nation out of its economic crisis.
Muto said it is too early to assess the devaluation.
On the yen's exchange rate against the dollar, Muto said it should reflect the fundamentals of the economy.
"It is not appropriate to directly comment on foreign exchange levels . . . but they should reflect economic fundamentals," he said.