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To: Alex who wrote (12087)	5/23/1998 1:20:00 PM
From: Alex	Read Replies (2) \| Respond to of 116835

Rubin welcomes Japan bids to deregulate yen market KANANASKIS, Alberta, May 22 (Reuters) - U.S. Treasury Secretary Robert Rubin Friday welcomed a proposal by Japanese Finance Minister Hikaru Matsunaga to deregulate the yen market in Tokyo to make the Japanese currency a more widely used currency internationally, a Treasury spokesman said. The two ministers, meeting on the sidelines of a gathering of Pacific Rim finance ministers in this resort in the Canadian Rockies, also reaffirmed their commitment to cooperate closely in seeking stability in crisis-torn Asia and hinted they had once again agreed that excessive weakness in currencies was undesirable. ''Minister Matsunaga expressed his intention to deregulate the Japanese yen market in Tokyo to promote internationalization of the yen. Secretary Rubin welcomed the deregulation,'' the spokesman said, reading out a prepared statement. Japanese officials have previously indicated they want the yen to play a greater role in Asian financial markets, where the U.S. dollar still plays a dominant role. The meeting appeared to yield few fresh leads for foreign exchange markets. ''The two ministers reviewed the recent developments in the foreign exchange market and reaffirmed the statements they made following their meeting in London,'' the spokesman said. Rubin and Matsunaga last met at the sidelines of a meeting of finance ministers from the Group of Seven top industrial nations in London earlier this month and said they would continue to cooperate closely in foreign exchange markets. Washington has shied away, however, from promising any direct support for Tokyo's attempts to support the sagging yen. Tokyo has repeatedly indicated its desire for joint intervention in currency markets to help the yen. The two ministers also agreed to cooperate closely to restore financial stability and confidence in Asia and ''to respond to recent developments in Southeast Asia,'' the spokesman added. During the one-hour meeting, Matsunaga also outlined ''some'' new initiatives aimed at strengthening Japan's ailing financial sector, the spokesman added without giving further details. Washington has repeatedly called on the Japanese government to do more to stimulate its ailing economy in the face of Asia's turmoil and to take substantial steps to beef up its ailing financial system. While Rubin has welcomed some fiscal stimulus measures promised by Tokyo, but U.S. officials have indicated they are not sure the plans Japan has announced so far to boost its financial sector will be sufficient.