New Finance Minister Kan Says Weaker Yen Preferable

Japan's new Finance Minister Naoto Kan said Thursday he is hoping that the yen will weaken from the current level to help the economy recover. He also said that many Japanese companies think it would be ideal for the Japanese currency to be around 95 yen to the US dollar. It is rare for a Cabinet member to make comments on foreign-exchange levels. Shortly after Kan's remarks, the dollar jumped more than a half a yen to reach the day's high in the upper 92 yen range. Deputy prime minister Kan replaced Hirohisa Fujii whose resignation for health reasons was officially approved by the government Thursday.