Japan-China Ties Seen on the Mend

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Japan's economics minister has commented on the state of Japan's economic recovery, as the yen eases mildly against the dollar. He also said that economic ties with China have been restored.

Japan's economic minister said Wednesday that ties with top trading partner China have been strained but appear to be on the mend.

Economics Minister Banri Kaieda said since a ship collision in the disputed Senkaku Island area in September and a de facto ban on Chinese rare earth exports in its wake, relations with the world's No.2 economy had soured, but were now improving.

[Banri Kaieda, Minister for Economic & Fiscal Policy]:
"There has been a gradual improvement on the political front. The economic relationship has been restored."

Japan will announce revised quarterly economic growth shortly, expected to exceed 3.9 percent annualized expansion.

That growth, though, is seen slowing quickly, with the yen's strength a factor.

Kaieda said the Japanese government, which intervened in September in the currency market, would come in again if needed.

[Banri Kaieda, Minister for Economic & Fiscal Policy]:
"Although we plan to leave currency movements to the market, if the yen appreciation is too great, the government's stance would be to put a stop to that."

The yen declined more than 1 percent against the dollar Tuesday, its biggest dip in nearly three months, helping to send Japanese shares to a seven-month high.

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