Japan's Hatakeyama--appropriate dollar/yen level 110
NEW YORK, Oct 7 (Reuters) - Noboru Hatakeyama, chariman of the Japan External Trade Organization, (JETRO), said on Wednesday he sees 110 yen as an appropriate exchange rate to the dollar.
''As for the appropriate level (of the yen), as head of a government organization I should refrain from pinpointing, but my personal analysis is that it is about 110 yen,'' Hatakeyama said.
Hatakeyama told a Japan Society forum on the Asian financial crisis that a dollar at the rate of 110 yen would correspond to the level of 128 yen seen in 1988, adjusted for the different inflation rates in the United States and Japan in the intervening decade.
In financial markets overnight, the Nikkei-225 stock index jumped six percent to 13,825.61 and the dollar dropped some eight yen to a near-eight-month low at 122.69 after Japan's parliament moved to pass financial bills seen as key to resolving Japan's own banking industry crisis.
JETRO, which is affiliated with Japan's Ministry of International Trade and Industry (MITI), was originally founded to help Japanese exporters. In recent years it has shifted its emphasis to promoting Japanese imports from other nations.
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