"Tokyo, March 8 (Bloomberg) -- The yen fell to a 20-month low against the dollar after Japanese Finance Minister Kiichi Miyazawa said Japan's finances are close to collapse and in urgent need of reform. Miyazawa said Japan needs structural reform as the nation's fiscal status is ``abnormal and close to collapse.'' Ten years of government spending on roads, bridges and other public works to keep the economy afloat has left Japan lumbering with debt projected to reach 666 trillion yen ($5.6 trillion), or about 130 percent of gross domestic product, by March 2002. The yen fell 0.3 percent to 120.15 per dollar from yesterday in New York. It earlier fell to 120.43, its weakest level since July 19 1999. Against the euro, the yen fell 0.3 percent to 111.82, near a two-month low."
The Yen is standing at 120.28 at the time I write this article. -H.Moriarty
[ Link: Bloomberg ]
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