OSAKA, Japan, June 3 - The head of Japan's biggest business lobby said on Tuesday that the yen's current exchange rate against the dollar was "comfortable" for the nation's exporters. Hiroshi Okuda, chairman of the Japan Business Federation, said the dollar, trading at around 118.40 yen on Tuesday afternoon, was near the higher end of what he thought was an acceptable range for exporters. "It's pinned close to 120 to the dollar, so exporters cannot really say the yen is too strong. In a sense, I think it's a comfortable level," Okuda, also chairman of Toyota Motor Corp <7203.T>, told a news conference.
He also noted that the yen had fallen significantly against the euro, hitting record lows near 141 to the single currency last week, which made it much easier for Japanese firms to compete in European markets compared with just a few years ago. The euro has risen by more than 55 percent against the yen from record lows near 89 set in October 2000.//