Japan MOF Nakao: yen gains excessive since financial crisis
TOKYO Dec 3 (Reuters) - The yen's appreciation since the collapse of U.S. investment bank Lehman Brothers has been speculative and excessive, Japan's most senior currency official said on Monday.
The gains in the currency were largely driven by "safe haven" flows, said Takehiko Nakao, Japan's vice finance minister for international affairs, as the U.S. subprime crisis roiled financial markets.
Japan will positively consider buying bonds from the European Stability Mechanism to support the euro zone but will look at the credit rating for those bonds, said Nakao, who was speaking at a seminar.
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