TOKYO, May 6 (Reuters) - Japanese Finance Minister Yoshihiko Noda said on Friday he is closely watching currency moves as the yen hit a seven-week high against the dollar the previous day.
'There have been various movements during holidays, so I'll closely watch movements in foreign exchange and financial commodity markets,' Noda told a news conference after a cabinet meeting.
Asked whether Tokyo will discuss the yen's sharp rise with G7 counterparts, Noda told a news conference after a cabinet meeting: 'At this point we will carefully watch (market moves).'
The dollar edged up to around 80.50 yen on Friday, bouncing back from a seven-week low of 79.57 yen hit on Thursday, close to levels where the Group of Seven (G7) countries jointly intervened to stem the yen's strength in the wake of the March 11 earthquake.
Economics Minister Kaoru Yosano also said excessive market moves and volatility were undesirable.
'Levels are decided by markets,' Yosano told reporters.
'If you focus specifically on the yen, you could say this move seems more like dollar weakness than a yen rally.'
(Reporting by Tetsushi Kajimoto; Editing by Edwina Gibbs) Keywords: JAPAN ECONOMY/NODA (tetsushi.kajimoto@thomsonreuters.com)(+81-3-6441-1829)(Reuter Messaging: tetsushi.kajimoto.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'There have been various movements during holidays, so I'll closely watch movements in foreign exchange and financial commodity markets,' Noda told a news conference after a cabinet meeting.
Asked whether Tokyo will discuss the yen's sharp rise with G7 counterparts, Noda told a news conference after a cabinet meeting: 'At this point we will carefully watch (market moves).'
The dollar edged up to around 80.50 yen on Friday, bouncing back from a seven-week low of 79.57 yen hit on Thursday, close to levels where the Group of Seven (G7) countries jointly intervened to stem the yen's strength in the wake of the March 11 earthquake.
Economics Minister Kaoru Yosano also said excessive market moves and volatility were undesirable.
'Levels are decided by markets,' Yosano told reporters.
'If you focus specifically on the yen, you could say this move seems more like dollar weakness than a yen rally.'
(Reporting by Tetsushi Kajimoto; Editing by Edwina Gibbs) Keywords: JAPAN ECONOMY/NODA (tetsushi.kajimoto@thomsonreuters.com)(+81-3-6441-1829)(Reuter Messaging: tetsushi.kajimoto.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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