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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 warns of more currency intervention AFP - Saturday, October 16 Send IM Story Print HONG KONG (AFP) - – Fears of a global currency war mounted Friday after Japan voiced concerns about wild forex movements, while China said the US should not use the yuan as a "scapegoat" for its economic woes. The comments come as tensions simmer between nations as they to damp their currencies to safeguard exports, an issue that is set to dominate a Group of 20 summit of the world's top economies next month. Japan's Prime Minister Naoto Kan said Friday he was "very concerned about the currency situation" after the yen hit a 15-year high against the dollar on expectations the US will soon announce economic pump-priming measures. Earlier his finance minister, Yoshihiko Noda told reporters: "We will take decisive steps when necessary, from the perspective of curbing excessive fluctuations in exchange rates." Tokyo's warnings come as Japan's shaky economic recovery is held up by the soaring yen, which hurts the nation's growth-driving exporters by making their products more expensive overseas. The US Federal Reserve's expected easing measures are aimed at boosting the world's biggest economy, which many in Washington say is being hampered by an undervalued Chinese yuan. However, Beijing Friday said the yuan's weakness against the greenback must not be used as a "scapegoat" for Washington's problems. "The United States can't use domestic reasons to pass on its domestic employment and economic growth problems (to other nations)," commerce ministry spokesman Yao Jian told reporters. "The yuan's rate must not be the scapegoat of US domestic problems." Yao's statement came hours before a US Treasury Department's report on nations' currency practices that could label Beijing a "currency manipulator". Yao said US impatience with the yuan was part of an American strategy aimed at taking "discriminatory trade measures against Chinese products." Critics in the United States and Europe accuse China of keeping the yuan undervalued by as much as 40 percent but Beijing has consistently rejected any pressure for a fast rise in the unit. Related article: SKorea fears currency rows may spark protectionism The yuan has gained just over 2.6 percent since Beijing said in June it would allow it to move more freely against the greenback. The dollar's weakness was compounded after data Thursday showed the trade deficit jumped to 46.3 billion dollars in August while new claims for unemployment benefits rose, adding to fears about the economy. A surprise policy tightening move by Singapore to widen the trading band of its currency on Thursday also added to pressure on the greenback. On Friday the dollar stood at 81.31 yen, from 81.44 in New York Thursday, where it plunged to a 15-year low of 80.89 yen at one point. The euro stood at 1.4048 dollars and 114.35 yen, compared with 1.4083 dollars and 114.70 yen in New York. The Australian dollar was almost at parity with the greenback, striking 99.94 US cents at one point before easing to 99.25, while the Singapore dollar was at 1.263 against the US dollar. Fears have escalated as emerging economies look to combat inflows from investors searching for higher yields, which have pushed regional units up. The dollar's tumble has led to fresh fears of a global currency war as nations look to safeguard exports, with governments trading blows. Tokyo Wednesday criticised China and South Korea for their policies, calling on them to refrain from pushing their currencies lower and act "responsibly" to help stabilise markets. Japan stepped into the forex markets in September for the first time in six years, although Tokyo says it acted to prevent volatile movements. But it has accused Seoul of repeated interventions to sell the won and put its own exporters at an advantage while suggesting Beijing has made slow progress with yuan reform. Thailand moved Tuesday to rein in the soaring baht, which is at near 13-year highs. The forex disputes will be top of the agenda at the G20 summit in Seoul next month, South Korean Finance Minister Yoon Jeung-Hyun said Friday. However, the battle is likely to come to the fore when Group of 20 finance ministers hold a pre-summit meeting on October 22-23. Against other Asian currencies, the dollar was at 1,112.00 South Korean won, from 1,111.55 Thursday, at 30.70 Taiwan dollars from 30.69, at 43.27 Philippine pesos from 43.19 and 8,923.00 Indonesian rupiah from 8,917.50. The Thai baht changed hands at 29.82-87 against the dollar, flat from 29.82-85. 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