Ex-BOJ Iwata says yen overvalued from trade perspective -LDP source

TOKYO Wed Feb 13, 2013 9:58pm EST

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TOKYO Feb 14 (Reuters) - The yen is overvalued from a trade perspective and the correction of the currency's strength is essential for the Bank of Japan to achieve its 2-percent inflation target, former deputy central bank governor Kazumasa Iwata was quoted as saying by a Japanese ruling party source.

Iwata, considered one of the strongest candidates to replace BOJ Governor Masaaki Shirakawa when he leaves his post in March, said the dollar at 95 yen was appropriate from a trade perspective, according to the Liberal Democratic Party source.

The dollar traded around 93.50 yen on Thursday after hitting a 33-month high around 94.47 yen on Monday.

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