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Japan FinMin: Yen rises rough, undesirable for economy

Japanese Finance Minister Taro Aso (R) talks with US Treasury Secretary Jacob Lew before a bilateral meeting during the IMF/World Bank Springh Meetings in Washington, DC, April 16, 2015.
Jim Watson | AFP | Getty Images
Japanese Finance Minister Taro Aso (R) talks with US Treasury Secretary Jacob Lew before a bilateral meeting during the IMF/World Bank Springh Meetings in Washington, DC, April 16, 2015.

Japanese Finance Minister Taro Aso warned market players against pushing up the yen too much further, saying that its spike against the dollar overnight was "rough" and undesirable for the economy.

Aso said that while there was no immediate plan for G20 and G7 nations to take coordinated action against the current markets turmoil, global financial authorities were in frequent contact with each other on market developments.

"I would say they are rough, rather than rapid," Aso told reporters after a cabinet meeting on Tuesday, when asked about the yen's spike against the dollar in New York on Monday.

"For the economy to grow stably, it's better for (currency and stock price) moves to be gradual and steady, rather than rough," he told reporters after a regular cabinet meeting.

The yen spiked to a seventh-month high against the dollar on Monday as investors, worried about the slowdown in China, sought the Japanese currency as a safe haven against risks.

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The yen's sharp rise is a concern for Japanese policymakers, who worry about the damage it could cause to the country's already-weak exports.

Aso said there was no plans for now for the government to compile a fresh fiscal stimulus package to support the economy, stressing that Japan's recovery remained intact as companies reap record revenues from past yen declines.

He also said he had not spoken directly with U.S. Treasury Secretary Jack Lew on recent market moves, but that Japanese and U.S. currency authorities are exchanging information frequently.