And in other business news, the dollar hit a four-month high against the yen today. It came after a remark by the new Japanese Finance Minister. He said Thursday that a weaker yen would help Japanese companies.
The dollar hit a four-month high against the yen on Friday following a remark made by Japan's new finance minister that a weaker yen would be favorable.
The dollar also surged on growing expectations that a key U.S. jobs report would point to an improving economy.
The greenback edged up into the 93-yen range and rose against a basket of six major currencies.
That urged Japanese Prime Minister Yukio Hatoyama to declare on Friday morning that the government should not comment on foreign exchange rates.
[Yukio Hatoyama, Japanese Prime Minister]: (Japanese, male)
"I believe the foreign currency exchange rates should be stable and rapid fluctuation is not desirable. Thus, the government should not comment on foreign exchange rates, at least that is my opinion."
Speaking after his appointment as Japan's finance minister, Naoto Kan said on Thursday many Japanese firms were in favor of a dollar-yen rate at around 95 yen.
Kan also said during his inaugural news conference as finance minister, that he would work with the Bank of Japan to get the yen-dollar exchange rate to an appropriate level.
Those comments raised the possibility of intervention by Japanese authorities if the yen strengthens, sparking a yen sell-off.
On Friday, Kan backtracked, admitting his comments were not appropriate.
[Naoto Kan, Japanese Finance Minister]: (Japanese, male)
"They were the remarks I made myself, so I must be responsible for my own remarks."
Meanwhile, Japan's Nikkei average hit its highest in 15 months on Friday. Exporters such as Honda Motor were up, boosted by a weaker yen, while chip-related stocks climbed on growing global demand for high-tech products.
