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Gold/Mining/Energy : Gold Price Monitor

GDXJ 121.59

+2.2%

Dec 26 4:00 PM EST

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To: Bobby Yellin who wrote (11453)	5/9/1998 7:50:00 AM
From: Alex	Read Replies (1) of 116833

Japan, U.S. to 'cooperate' on yen By Junichi Abe Yomiuri Shimbun Correspondent LONDON--Finance Minister Hikaru Matsunag ------------------------------------------------------------------------ Junichi Abe Yomiuri Shimbun Correspondent LONDON -- Finance Minister Hikaru Matsunaga and U.S. Treasury Secretary Robert Rubin on Friday expressed concern over the yen's "excessive" depreciation against the dollar and agreed to "cooperate closely" in the foreign exchange markets. But Matsunaga and Rubin stopped short of clarifying what kinds of steps they might jointly take in the markets, according to statements issued by the two countries. They met for bilateral talks ahead of the finance ministerial meeting of the Group of Seven industrialized nations scheduled for Friday afternoon. During the talks, Matsunaga said the excessively weak yen was causing Japan's trade surplus to grow and Asian currencies to depreciate, to which Rubin agreed. "Although there is a tendency for Japan's trade surplus to grow, it is mostly affected by the excessively depreciated yen," Matsunaga told reporters after the meeting with Rubin. "We will take appropriate actions to rectify it ( the situation) at the appropriate time." According to an official accompanying Matsunaga, the finance minister's meeting with Rubin was significant in that two agreed that the weakening yen was a major cause of Japan's trade surplus. Rubin has recently warned against an export-driven recovery of the Japanese economy. "The latest agreement (between Matsunaga and Rubin) made it clear that Japan's economic stimulus measures are aimed at expanding domestic demand and that the falling yen is a major cause of the growing trade surplus," the official said. Rubin welcomed Matsunaga's pledge that Japan will implement a 16.65 trillion yen economic stimulus package as soon as possible but urged more measures to strengthen the Japanese financial sector and push structural reforms, including the Big Bang reforms. Matsunaga and Rubin also agreed that Japan-U.S. cooperation is needed to stabilize the Asian financial markets.

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