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"We
should always think about what the yen would be like if
something happens in North Korea," Aso told a forum in Los
Angeles on Monday.
The Japanese currency has been perceived as a safe-haven asset
in recent years, which tends to be bought by global investors at
a time of crisis.
Asked about such a view at the summit, Aso said while "the yen
is said to be a safe-haven currency" the situation in North
Korea made it "extremely unstable".
Tensions on the Korean peninsula have been high for weeks,
driven by concerns that the North might conduct its sixth
nuclear test in defiance of pressure from the United States and
Pyongyang's sole major ally, China.
The dollar hit a one-month high against the yen, after U.S.
Treasury Secretary Steven Mnuchin commented on the possibility
of ultra long-term bond issuance. [FRX/]
Aso declined to comment on exchange rates, saying that
currencies should be set by markets.
On trade negotiations with Washington, Aso said Japan and 10
other nations should push ahead with the Trans-Pacific
Partnership (TPP) trade deal, excluding the United States.
"Now that the U.S. has decided to withdraw from TPP, we are
thinking that it might be better for the remaining eleven
countries to go ahead with TPP," Aso said.
While expressing a cautious view on the U.S. stance of shifting
towards bilateral trade negotiations, Aso said Washington will
eventually find it better to rejoin TPP although it will take
some time.
"Because the twelve countries worked together, concessions were
given to the U.S.," he said. "It's not a fact that the U.S. will
be able to gain more from bilateral framework than TPP."
(Reporting by Lawrence Delevingne; Writing by Tetsushi Kajimoto;
Editing by Sam Holmes)
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