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Japan MOF Nakao: Markets determine exchange rates
February 7, 2013 / 8:36 AM / 5 years ago

Japan MOF Nakao: Markets determine exchange rates

TOKYO, Feb 7 (Reuters) - Foreign exchange rates are determined by markets, Japan’s currency tsar Takehiko Nakao said on Thursday, declining to comment on the weakening yen’s impact on the Japanese economy.

“The situation is becoming delicate so I won’t comment,” Nakao, vice finance minister for international affairs, said during an IMF seminar when he was asked how a weaker yen affects the economy.

The dollar traded at 93.66 yen, after hitting a 33-month peak around 94.07 yen on Wednesday.

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