This itself has a symbolic message. Japan is welcoming opportunities in a world that may no longer be dominated solely by the dollar, even if it is careful to say Obuchi is not making any formal proposals. However the Japanese government has been promoting the idea of "managed flexibility" in exchange rates between the euro, the dollar and the yen to control exchange volatility.
Japanese sources appear to be responsible for data carried this morning both by the FT and by CNBC saying 48% of international trade transactions are done in dollars, 31% in currencies of the euro-zone, and 5% in yen.
Commentators on CNBC noted that 5% is not much and that Japan may struggle to maintain its influence on the world stage. But it is also interesting that Europe is prepared to receive him. Europe has had considerable successful experience in managing converging flexibility.
The US are said to be cautious about a system of rate bands between the three major currencies but it looks as if Europe and Japan may come out of this visit with an influential consensus that there must be global action to control volatility in international currency rates.
Chris Burford
London