Lawmakers urge Obama to press Aso not to devalue yen

U.S. lawmakers are urging Obama to press Japanese PM Aso to resist calls from the Japanese business community to devalue the yen as a way of boosting exports and stimulating the Japanese economy. The pair are scheduled to meet today.

U.S. House of Representatives Financial Services Committee Chairman Barney Frank and Trade Subcommittee Chairman Sander Levin, said in a letter to President Obama that they are concerned by recent Japanese industry and government statements indicating Japan could intervene to reduce the value of the yen.