Japan's finance minister told reporters on Tuesday that officials in the euro zone should move deliberately to rescue Greece from its imminent default out of consideration for the integrity of the global economy, Bloomberg reports.
Tuesday saw the common currency of the European Union notch its lowest value against the Japanese yen since June 2001 and Jun Azumi told reporters officials must "halt the extreme strength in the yen and weakness in the euro." He emphasized the need to act quickly and with transparency.
The Aegean nation is teetering on the precipice of defaulting on loan obligations as it waits on disbursal of funding from a second bailout, which will help repay the first bailout. Many investors, analysts and additional industry observers fear the impact on markets will be severe should Greece default.
Senior economist Yoshimasa Maruyama with Itochu in Tokyo told Bloomberg that the European region is likely to be a "spark for a global economic crisis."
Though the euro dropped to its lowest value against yen since June 2001 on Tuesday, Reuters reports the euro began bouncing back from its lowest value in nine months against the U.S. dollar.
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