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To: Bobby Yellin who wrote (12707)	6/8/1998 5:39:00 AM
From: Alex	Read Replies (1) \| Respond to of 116791

MOF says Japan to take decisive action on yen fall TOKYO, June 8 (Reuters) - Japan will take ''decisive'' action on the ''excessive'' fall of the yen, Vice Finance Minister Koji Tanami said on Monday. Asked about the yen's slide to seven-year lows below 140 to the dollar, Tanami said the Group of Seven nations, especially Japan and the United States, ''have agreed to cooperate in response to excessive yen depreciation, and in that line we will take decisive action.'' But while he said excessive yen weakness ''is something that requires concern,'' he declined to comment on specific dollar/yen levels. The G7 have a system in place for cooperation on forex, he said, but declined to say what forms it might take. Tanami acknowledged that the dollar/yen ''rate is something determined by the market,'' adding that Japan's action would be aimed against ''excessive, drastic yen depreciation.'' He asserted there is nothing lacking in the G7's joint stance on the yen, even while acknowledging that the group -- the United States, Japan, Germany, Britain, France, Canada and Italy -- have been criticising the yen's fall since at least last September, when the dollar was worth about 120 yen. He drew attention to repeated statements by Treasury Secretary Robert Rubin that the United States shares Japan's concerns about yen weakness. Tanami repeated that he does not expect the yen to be the main theme when G7 deputy finance ministers meet this week in Paris, as they were already slated to talk about such issues as Russia, Indonesia and Indian and Pakistani nuclear tests. On reasons to be concerned about the yen's drop, Tanami cited its tendency to push up Japan's trade surplus as well as its effect on other Asian economies and currencies. ''We must think of the effect on Asian economies,'' Tanami said.