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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Japan ready to intervene again on strong yen AFP - Friday, October 15 Send IM Story Print Japan ready to intervene again on strong yen Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – Japan on Friday voiced concern over the rise of the yen to fresh 15-year highs against the dollar and signalled it was ready to wade back into markets to intervene amid fears of a global devaluation battle. "I am very concerned about the current situation," Prime Minister Naoto Kan told parliament when asked about the yen's strength, which puts Japan's growth-driving exporters at a disadvantage by making their products more expensive overseas. "We will take decisive steps when necessary, from the perspective of curbing excessive fluctuations in exchange rates," Finance Minister Yoshihiko Noda told a regular press conference. Amid expectations the US Federal Reserve will adopt further easing measures to pump more liquidity into the world's largest economy and further weaken the dollar, the unit Thursday plunged to fresh 15-year lows against the yen. A surprise policy tightening move by Singaporean authorities to widen the trading band of its currency on Thursday also added to pressure on the greenback and pushed the Singaporean unit to record highs. On Friday the dollar stood at 81.42 yen, little changed from 81.44 in New York Thursday, after the unit earlier plunged to a 15-year low of 80.89 yen. The euro stood at 1.4039 dollars and 114.31 yen, compared with 1.4083 dollars and 114.70 yen in New York. The dollar's tumble against major currencies sparked fresh fears that a weak greenback would threaten the world economy and trigger a global currency war as nations look to safeguard exports. "The G20 has agreed that excessive fluctuations in the currency market are not desirable. In this sense, the yen's abrupt rise is also seen as such an excessive fluctuation," Kan said. Tensions have flared over the issue of currencies, which is set to dominate a Group of 20 summit of the world's top economies in South Korea next month as nations look to curb capital inflows and safeguard exports. Tokyo on Wednesday pointedly criticised China and South Korea for their policies, calling on them to refrain from pushing their currencies lower and to act "responsibly" to help stabilise world foreign exchange markets. Japan stepped into currency markets in September for the first time in six years, helping exporters who have seen the value of their repatriated earnings eroded, but Tokyo argues that it acted to prevent volatile movements. But it has accused Seoul of repeated interventions to weaken the won to put its own exporters at an advantage while suggesting Beijing has made slow progress with yuan reform. Related article: SKorea fears currency rows may spark protectionism Beijing has come under repeated attack from the United States and European nations, who say it is keeping the yuan artificially low to help its exporters, with some claiming the currency is undervalued by about 40 percent. Data Thursday showing the US trade deficit soaring in August on Chinese imports only served to stoke rising anger. Fears of a race to devalue currencies have escalated as emerging economies look to combat inflows from investors searching for higher yields, which have helped push currencies higher. "Asian countries are perhaps becoming less reluctant to let their currencies appreciate and take the strain of a weaker US dollar," Mike Jones, currency strategist at the Bank of New Zealand, told Dow Jones Newswires. Thailand moved Tuesday to rein in the soaring baht with a package of measures aimed at easing the pain of exporters as the unit hovers near 13-year highs. The government approved a tax for foreigners investing in Thai bonds in the hope of slowing an influx of overseas capital thought to be partly driving the appreciation of the baht, which traded at 29.82-86 Friday, down from 29.79-84. Elsewhere, the greenback was at 1.2974 Singapore dollars Friday from 1.2950 Thursday, near record highs. 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