Speaking at a press conference in Tokyo, Japan Finance Minister Naoto Kan noted that the yen is depreciating significantly. His comments come after Japan’s currency on Thursday hit its lowest level versus the greenback in more than seven months. With regards to the Chinese yuan’s exchange rate, Kan said it isn’t desirable to pressure Beijing on making the currency more flexible. He also said that the Japanese economy is “gradually” improving, though there’s only a “weak” possibility at present of a self-sustained rebound for the island nation. Following the finance minister’s comments, the yen strengthened, with USD/JPY falling to 93.68, a new intraday low, before pulling up from the brink. Traders undoubtedly picked up on Kan’s positive, albeit guarded, comments on the Japanese recovery.
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