UPDATE 3-Geithner: wants strong dollar, will tackle deficit

Wed Nov 11, 2009 8:13am GMT
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* Geithner 'deeply' believes in need for strong dollar

* U.S. aware of need to keep investors' confidence

* Geithner repeats intends to wrestle budget deficit down

* U.S. economy still in very early stage of recovery (Adds quotes)

By Glenn Somerville

TOKYO, Nov 11 (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Wednesday he believes strongly in the need to maintain a strong dollar and said the United States was determined to get its budget deficit down.

The dollar's decline has been a source of concern in the export-heavy region, especially since top exporter China keeps its currency's value closely managed against the U.S. dollar and so felt less impact on prices for its exports than other Asian nations that let their currencies float freely.

"I believe deeply that it's very important to the United States, to the economic health of the United States, that we maintain a strong dollar," Geithner said in a meeting with Japanese reporters at the U.S. embassy.

The U.S. Treasury chief was visiting Japan before heading on Wednesday night to Singapore to join a meeting of finance ministers from the 21-nation Asia-Pacific Economic Cooperation forum (APEC) on Thursday. It was his first trip to Japan since assuming the post in January.  Continued...

 
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