US comments push down on yen

US - Mixed messages from the US administration have helped Japan's currency touch new lows.

US Treasury Secretary Paul O'Neill, in Tokyo for talks on the failing Japanese economy, said that it was up to the markets to decide the value of the yen.

"Exchange rate modification can do nothing to fix a mountain of non-performing loans or to improve underlying rates of productivity," Mr O'Neill said.

"Therefore I think for Japan's important problems, this subject is beside the point,"

The comments

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