Bank of Japan governor Masaru Hayami said the recent rise in the dollar/yen is "natural", given the rebound on Wall Street, but the yen is unlikely to weaken further unilaterally. "Today the dollar is continuing to rise, reflecting the bounce back in the US stockmarket. In recent days the dollar is toing and froing within 123-124 yen levels. I think the yen is unlikely to weaken unilaterally," Hayami said.
The weakening "is natural because the market will move based on a variety of information under a free market," he said, asked whether he can accept a decline in the yen if it is based on normal market forces. "If there is an excessive move in the forex market, it will be corrected by the emergence of an opposite force. That is the market mechanism. Authorities should not worry over that or do something against the moves," he said.//www.ananova.com