G-7 Statement Proves Effective: MOF Nakagawa

Tokyo, Oct. 28 (Jiji Press)--Japanese Minister of Finance Shoichi Nakagawa said Tuesday he believes Monday's emergency statement by the Group of Seven major industrial countries proved effective because exchange rates did not show rapid movements after its release.

Nakagawa declined to comment on the possibility of yen-selling
market intervention.
In the joint statement, the G-7 finance ministers and central bank
chiefs said they "are concerned about the recent excessive volatility in the
exchange rate of the yen and its possible adverse implications for economic
and financial stability."
"We continue to monitor markets closely and cooperate as
appropriate," the statement added.
Sources say the G-7 countries may take coordinated yen-selling
market intervention to stem the Japanese unit's appreciation against other
major currencies.