Naoto Kan, Japan's newly appointed finance minister, abruptly reversed his predecessor's currency strategy immediately on taking office yesterday, with his call for a weaker yen provoking an immediate sell-off in global markets.
Mr Kan used his first press conference to express his support for a weaker yen and further stimulus measures to revive Japan's economic health in a marked departure from Hirohisa Fujii, who stepped down earlier this week.
“It would be good if the yen would weaken a little more,” said Mr Kan. His comments are likely to be welcomed by the business community, which relies heavily on exports.
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