Hong Kong and Beijing have urged Tokyo to tackle the yen's slide against the US dollar after the Japanese currency hit a three-year low and threatened to test the psychologically important barrier of 135. 'A weak yen would be a matter of concern for Hong Kong and many other Asian countries as it would have an impact on competitiveness of exports in the region,' said Acting Financial Secretary Stephen Ip Shu-kwan yesterday, before the SAR Government announced a sharp plunge in November exports. Yesterday, the yen fell to 131.75 against the US dollar in Asian trade, with Japanese officials seemingly showing no concern after it fell below 130 on Tuesday. Foreign Ministry spokeswoman Zhang Qiyue expressed China's concern at the free-falling yen. 'Countries in the world all feel worried about the current economic situation,' she told a news conference, Reuters reported. 'Every country should take responsibility and Japan, as a big economic power in Asia, should make its own efforts to stabilise and encourage development of the Asian economy.' The weak yen continued to exert downward pressure on regional currencies. The Singapore dollar fell to an 11-year low and the Taiwan dollar to a 15-year low against the US dollar. The prices of Hong Kong and mainland exports could be forced lower, or their volumes hit by cheaper alternatives, because of their pegged rates. The SAR announced an 11.3 per cent drop in the value of exports for November compared to the same month last year. In October, exports shrank 13.9 per cent year on year. The Hong Kong Monetary Authority issued a paper saying that if the yen devalued by 10 per cent against the currencies of Hong Kong, Malaysia, Singapore, Taiwan and Thailand, the exports of those markets to Japan would fall by more than 10 per cent in the long run. It also warned that if a weaker yen triggered competitive devaluations, the Hong Kong dollar, with its fixed exchange rate, might come under renewed pressure. The yen has fallen 13.02 per cent since September 21. However, Mr Ip tried to play down the concerns, saying that the Hong Kong dollar had remained stable during the crisis in Argentina. 'It showed we should not over-worry about the devaluation of the yen,' he said.