Currency dealers are seen under an electronic board showing the Japanese yen's exchange rate against the U.S. dollar in Tokyo March 17, 2008.
TOKYO, March 17 (Xinhu) -- Japanese Finance Minister Fukushiro Nukaga on Monday expressed his concern over the condition of the currency markets, saying that the yen's sharp climb against the dollar was "excessive."
The government will not take any specific action on the currency markets, said Nukaga in response to the question posed by the press at the ministry. Also on Monday, Chief Cabinet Secretary Nobutaka Machimura voiced similar concern over the excessive fluctuations of foreign exchange rates, saying that they were not conducive to the Japanese economy as well as the world economy at large. The U.S. dollar dived some 3 yen, and at one point sank to 95 yen Monday morning, the lowest level in Tokyo since August 1995, and dealers anticipated further decreases. Investors were waiting to see whether any authorities would intervene, media reported, citing Tomoko Fujii, head of economics and strategy for Japan at the Bank of America N.A..
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