Kan Yen?

Japan’s new finance minister Naoto Kan has said it would be “nice” to see a weaker yen in order to aid the recovery of the Japanese economy, during a press conference “His predecessor, Hiroshisa Fujii, was criticised for tolerating a strong yen, which hurts Japan’s exporters. Japan is currently battling the threat of deflation and a large public debt. Mr Kan said he would seek to work with Japan’s central bank on the issue. Following the comments, the yen dropped against the dollar on the foreign exchange markets. Before Thursday’s press conference, Mr Kan told reporters that he wanted to ‘help revitalise Japan’. The world’s second largest economy is currently recovering from its worst recession in decades, with public debts worth 200% of GDP.”