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MOF's Omi: Land price rise reflects econ recovery

Thu Mar 22, 2007 7:58pm EDT

TOKYO, March 23 (Reuters) - Finance Minister Koji Omi said on Friday that recent rises in Japan's land prices reflect a strengthening of the economic recovery.

"But it's not at the stage of a return to the bubble. It's in the process of normalisation," Omi told a news conference.

Japanese land prices rose for the first time in 16 years in 2006, a government survey showed on Thursday, offering further evidence that the nation is emerging from deflation with support from a steady economic recovery.

Asked about the Bank of Japan's policies, Omi said, "We want the BOJ to support a smooth economic recovery through monetary policy with stable prices."

But he said specific interest rate levels should be set by the BOJ.



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