US's Paulson says watching yen movements 'very, very closely' UPDATE |
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Wed, 31 Jan 2007 17:41
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(Updating with more details)WASHINGTON (AFX) - US Treasury Secretary Henry Paulson today said he is watching the yen's movements have ry, very carefully' but added that the currency's weakness may well reflect Japan's sluggish growth levels.His comments came in a question and answer session during his testimony to the Senate Committee on banking, housing and urban affairs.Paulson also noted that he will be talking with his Japanese counterpart during the G7 finance ministers meeting in Essen in just over a week.Paulson underlined that he is 'more concerned about currencies which are not determined by a broad and deep, competitive market.' The yen, he pointed out, was indeed traded in a free market.He was also happy to note that the Japanese authorities had not intervened in the open market to weaken the yen since March 2004. Additionally, there has been no have rbal intervention' from the Japanese authorities in 'almost a year,' Paulson said.Separately, Paulsson also reiterated that a strong dollar is in the interest of the US.sivakumar.sithraputhran@thomson.comss/jkmCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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US's Paulson says watching yen movements 'very very carefully' 