JAPAN-ECONOMY/ASO Japanese Finance Minister Taro Aso warned China against yuan manipulation

Record ID: 143077

  • Title: JAPAN-ECONOMY/ASO Japanese Finance Minister Taro Aso warned China against yuan manipulation
  • Date: 21st August 2015
  • Summary: TOKYO, JAPAN (AUGUST 21, 2015) (REUTERS) ****WARNING CONTAINS FLASH PHOTOGRAPHY*** JAPANESE FINANCE MINISTER TARO ASO SEATED AT DESK FACING REPORTERS (SOUNDBITE) (Japanese) JAPANESE FINANCE MINISTER, TARO ASO, SAYING: "Japan would face a tough decision on how to respond if China intervenes frequently in the market." JAPANESE FINANCE MINISTER TARO ASO SEATED AT DESK FACING
  • Embargoed: 5th September 2015 13:00
  • Keywords:
  • Location: Japan
  • Country: Japan
  • Topics: General
  • Reuters ID: LVABO73WSILT5V9D0FYSNNYO7IVV
  • Aspect Ratio: 16:9
  • Story Text: Japanese Finance Minister Taro Aso on Friday (August 21) warned China against frequent manipulation of yuan rates, saying that Tokyo would face a tough decision on how to respond to any such interventions from Beijing.
    Aso urged China to continue shifting its currency market towards a market-oriented system.
    In a move that shook global financial markets, China last week devalued the yuan by nearly 2 percent. The action, coming on top of a slew of gloomy data including soft exports and slumping wholesale prices, heightened concern over the strength of the world's second-largest economy.
    Aso said Japan welcomes the move if it was part of Beijing's efforts to make its currency system a market-based one. But he warned that Japan was on guard against any attempts by China to manipulate the yuan to give its exports a competitive advantage.
    "Japan would face a tough decision on how to respond if China intervenes frequently in the market," he told a news conference after a regular cabinet meeting.
    "Our expectation (for China) is the improvement of its market mechanism," he added.
    Japanese policymakers have been keeping a wary eye over Beijing's handling of the turmoil in its markets given China is a major trading partner, and any negative impact on the Asian economic powerhouse is expected to knock Japanese exporters.
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