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22 September 2003 15:03  Japan's Tanigaki says FX 'big picture' unchanged


TOKYO, Sept 22 - Japan's new finance minister, Sadakazu Tanigaki, said on Monday that Japan's foreign exchange policy would be largely unchanged despite a weekend G7 statement calling for flexibility. Asked if an unchanged forex policy meant continued large-scale intervention by Japan, Tanigaki told a news conference: "If exchange rates were totally divergent from fundamentals we need to look into it. "In the big picture, the basic policy is unchanged." The yen staged a big rally to near three-year highs against the dollar on Monday on speculation Japan would become less aggressive in yen-selling intervention after G7 meeting. At 1058 GMT the dollar stood at 111.65/67 yen, not far from the low of about 111.41 hit earlier in the day.//
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