Japan Business Federation Chairman Hiromasa Yonekura on Thursday called on the government and the Bank of Japan to take “decisive action” including currency intervention to stem the yen’s upsurge.
The yen’s rise to its highest level against the dollar in postwar history “reflects speculative moves and is excessive,” the chief of Japan’s most influential business lobby, known as Nippon Keidanren, said in a statement.
“We would like the government and the Bank of Japan to take decisive steps, including currency intervention by closely coordinating with other countries,” Yonekura said.
Masamitsu Sakurai, chairman of the Japan Association of Corporate Executives, also issued a statement, calling on market participants to act calmly.
The currency rate “does not reflect Japan’s economic situation,” Sakurai said.
In Sydney on Thursday, the dollar skidded to a postwar record low of ¥76.25 on speculation that Japanese companies will sell dollar-quoted assets to finance rehabilitation efforts in Japan.
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