Japan’s economy recovering ‘steadily’, says economics minister

PUBLISHED : Friday, 07 June, 2013, 3:37pm
UPDATED : Friday, 07 June, 2013, 3:44pm

Japan’s Economics Minister Akira Amari said on Friday that the recent volatility in currency and stock markets is driven by external factors.

“What’s important is the fact that Japan’s economy is steadily recovering,” Amari told a news conference after a cabinet meeting.

“We will finalise a growth strategy shortly ... and steadily proceed with implementation,” he said.

The dollar slumped to a seven-week low of 95.90 yen on Thursday as investors unwound long dollar positions ahead of a closely watched US jobs report to gauge the health of the world’s biggest economy.

The yen’s ascent hit Tokyo share prices on Friday on worries about the damage to the export-reliant economy, and cast doubt on the success of Prime Minister Shinzo Abe’s bold mix of fiscal and monetary stimulus.