The yen hit a three-year low against the dollar, going above ¥134. Japan's government is hoping that relief from deflation may result. But America's treasury secretary, Paul O'Neill, visiting Tokyo, said that letting the currency slid e would not in the long run substitute for economic restructuring. He noted that “a falsely manipulated currency is a form of protectionist action.” South Korea was even less circumspect, calling the policy "dangerous".