Tanigaki says G7 may discuss yuan, forex

TOKYO, Sept 16 - Japanese Finance Minister Sadakazu Tanigaki said on Friday that foreign exchange issues including China’s yuan may be discussed at a meeting of the Group of Seven next week.

Tanigaki said it may take a while for China to become familiar with its new currency regime, but he hoped it would do so soon.

“It will take a certain amount of time before China familiarises itself with managing the new system,” he told reporters. “We do strongly hope China familiarises itself with the management quickly.”

Finance ministers and central bank chiefs from the G7 nations meet in Washington next week, and financial markets are focusing on whether the group will call for more flexibility in China’s yuan after Beijing scrapped its dollar peg.

Communiques issued after every G7 meeting since a February 2004 gathering in Boca Raton, Florida, have kept the same wording on currency flexibility, saying exchange rates should reflect economic fundamentals and excessive volatility is undesirable.

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Yen slips on Nikkei, dollar soft after U.S. data

TOKYO, Aug 25 - The yen dipped slightly on Thursday on a fall in Japanese share prices, while surprise weakness in U.S. durable goods orders data previous day kept the dollar on the defensive against other currencies.Strong demand for yen to buy Japanese shares has been a key support for the currency in the past few weeks. Japanese data showed foreign investors bought a net 447.7 billion yen ($4.06 billion) of Japanese stocks last week, helping the Nikkei share average to four-year highs. (more…)

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Yen weakens on uncertainty over PM Koizumi’s fate

TOKYO, Aug 8  - The yen weakened broadly on Monday as Japan’s parliament appeared increasingly likely to vote down postal reform bills that could prompt Prime Minister Junichiro Koizumi to call a snap election. Over the weekend more upper house members of the ruling Liberal Democratic Party said they would vote against the bills, tipping the odds against their passage and raising worries about a political shake up. (more…)

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Yen falls on worries about Japan reform bills

TOKYO, Aug 5  - The yen hit a three-month low against the euro and fell versus the dollar on Friday as more Japanese lawmakers were seen opposing reform bills whose rejection could lead to a snap election.Hirofumi Nakasone, an upper house member of the ruling Liberal Democratic Party who had been seen among swing voters, told party leadership that he would oppose the bills to privatise the nation’s vast postal system. (more…)

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FOREX-Yen pares gains after jumping on yuan revaluation

TOKYO, July 22  - The yen fell sharply on Friday, giving back almost half of its hefty gains scored a day earlier when China ditched the yuan’s peg to the dollar, as the initial excitement over Beijing’s long-awaited currency shift subsided.A day after the yen posted its biggest one-day jump against the dollar in more than three years, investors took a step back to see how much higher China would let the yuan rise after switching its decade-old dollar peg to a currency basket. (more…)

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