Japan to continue to pursue weak yen: Motegi

Jumat, 18 Januari 2013 01:09

(TOKYO-Kyodo) Economy, Trade and Industry Ministry Toshimitsu Motegi said Thursday the Japanese government will continue pursuing a weak yen to boost the country's export-reliant economy while working to arrest deflation.

"There is no change in our direction to correct a strong yen and overcome deflation," Motegi said in an apparent attempt to maintain the yen's depreciation trend after some government and ruling party officials appeared to have grown cautious about the recent rapid drop in the yen.

On Tuesday, economic and fiscal policy minister Akira Amari expressed concern about the yen potentially weakening to the extent of disadvantaging Japanese consumers through a rise in import costs.

Motegi's remarks to reporters came after his meeting with Tadashi Okamura, chairman of the Japan Chamber of Commerce and Industry.

During the meeting, Okamura urged the government to announce its participation in the U.S.-led Trans-Pacific Partnership free trade talks, while Motegi responded that the government would provide accurate estimates to show how the free trade pact would influence the economy.

The new Liberal Democratic Party-led government launched late in December has been clear in its opposition to participating in the negotiations if abolishing tariffs without exceptions is to become a precondition.

Under the previous government led by the Democratic Party of Japan, Tokyo has held consultations with the TPP negotiating members, including the United States, toward participating in the talks. But concerns remain, especially in the farming sector which fears an influx of cheaper produce from overseas under lowered tariffs.