Japan MOF's Nakao: markets should determine FX rates

TOKYO Tue Feb 12, 2013 5:56am EST

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TOKYO Feb 12 (Reuters) - Japan's top financial diplomat, Takehiko Nakao, said on Tuesday that markets should basically determine currency rates and that Japan was appropriately conducting monetary and fiscal policies and a growth strategy to support its own economy.

Nakao was speaking to reporters after the Group of Seven nations reiterated in a statement on Tuesday their commitment to market-determined exchange rates and said fiscal and monetary policies must not be directed at devaluing currencies.

"We will continue to pay close attention to the currency markets," said Nakao, Japan's vice finance minister for international affairs, while declining to comment on specific exchange-rate levels.

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