Azumi: European measures needed to stem yen's rise

Japan's finance minister has urged European leaders to produce effective measures against their credit worries at Wednesday's summit to help stem the yen's historic rise.

Jun Azumi told reporters on Tuesday that behind the yen's rise is euro weakness triggered by European debt problems.

Azumi said the flow of cash into yen is continuing but that Japan can't stabilize its currency alone. He said the world expects the EU to come up with a credible plan to restore market trust in the euro.

Azumi added that speculative moves are also fueling the yen's surge, which he said does not reflect Japan's actual economy.

He hinted that Japan will intervene in currency markets if necessary.

Tuesday, October 25, 2011 14:35 +0900 (JST)