U.S. Treasury Secretary James A. Baker III...

U.S. Treasury Secretary James A. Baker III said he was satisfied with the current exchange rates between the dollar and the Japanese yen, according to Japanese officials in Seoul, South Korea. Baker expressed that view when he met with Japanese Prime Minister Noboru Takeshita in Seoul. Both were attending the inauguration of South Korean President Roh Tae Woo. “Efforts to stabilize the exchange rates have been successful,” a Japanese Foreign Ministry official quoted Baker as telling Takeshita. The official, Haraguchi Koichi, said Baker predicted that the slumping U.S. economy would recover soon and grow at least 2.5% this year.