"The United States and Japan should adopt resolute actions to stop the downward trend of the Japanese yen to help some Asian countries navigate out of troubled water," the official Economic Information Daily said in a report.

It quoted economists as saying a new round of currency devaluations would hit Asia if the yen kept falling.

The US dollar was trading at 146.05/15 yen on Wednesday after rising to eight-year highs above 147 earlier in the week.

The newspaper quoted experts as forecasting most Asian currencies would depreciate 5.0-10 per cent if the yen hovered at 146-147 yen against the greenback for an extended period.

It slammed the new Japanese government for dragging its feet on bucking the yen trend.

"The Japanese government's economic reform policies lackdetails, and its actions are not decisive, which is one of the factors causing the yen's prevailing weakness," it said.

"As one of the world's superpower economies, Japan ought to launch market-rescuing actions now for its strong economy."

"But according to its recent performance, it's obvious that Japan is unwilling to undertake the obligation," it said.

The absence of intervention from the United States also fueled the yen slide, the newspaper said.

A signed article in the official Economic Daily on Tuesday said the Japanese currency was on its way to the 150 level and urged Japan's government to "do something about the yen".

"Japan can easily stabilise the yen by adjusting its current excessively low interest rates, taking measures to limit the flow of yen out of Japan or directly intervening in currency markers," the essay said.

The Economic Information Daily said a weak yen and a strong dollar are in the interest of the two nations.

"The pros for Japan from a devalued yen far outweigh thecons as it can greatly enhance the competitiveness of Japanese products, so the Japanese government is reluctant to rein in the yen slide," the newspaper said.

"The US also does not like to see a swift rebound in the yen as a bearish yen is extremely beneficial for the US to absorb overseas investment," it said, apparently ignoring repeated US expressions of concern about Japan's economy and currency.

"The cheap Japanese products can also help alleviate inflation pressures in the United States," it added.

China, whose exports are staggering under increasing pressure from cheaper regional products, has been urging Japan and the United States to intervene on the international money market since the yen fell to around the 145 level.

Some Chinese economists and many exporters have pushed for a yuan devaluation to boost exports, but Beijing has showed no sign of easing its "no devaluation" stance.

China's central bank deputy governor Liu Mingkang reiterated the policy at a press conference in Beijing onTuesday, saying a drastic devaluation could bring about a short-term export recovery but it would not help China's long-term strategic competitiveness.