Japan MOF8217;s Nakao to act decisively

Japan8217;s top currency tsar repeated determination to act firmly against excessive yen gains,saying its recent movements have been one-sided and do not reflect the country8217;s economic fundamentals.

8220;Our position is that recent yen appreciation is one-sided and doesn8217;t represent economic fundamentals,8221; Takehiko Nakao,Japan8217;s vice finance minister for international affairs,told reporters at the Foreign Press Center Japan on Wednesday.

8220;If there is a big movement in currencies we8217;ll take decisive action if needed,that is our stance,8221; he said.

Japan will host a Group of Seven finance ministers8217; meeting and separate annual gatherings of the International Monetary Fund and World Bank next week.