But in an exclusive interview on the eve of a weeklong visit to France, Itlay and Germany, Obuchi admitted he was fighting a rearguard action to make the yen an international currency following the launch of the euro.Asked whether Tokyo had not waited too long the put the yen on the world stage, he said: ``To be candid, what you say is right. We have been dominated by the dollar-oriented economy.''

The euro was likely to be one of the two key currencies, the premier said and Japan felt a ``sense of urgency'' in making the yen a fully-fledged third pillar of a monetary system which was no longer totally dollar-dominated. ``Instead of having just two key currencies, it will be important to see the world foreign exchange market based on three key currencies,'' he said, nothing that the yen now held only a 5 per cent share ofglobal transactons.

``Having three key currencies, rather than two, would serve to further diversify exchange rate risks,'' Obuchi said. Japan needed a stable currency, the premier said, as the yen soared to a two-year high of 110.70 to the dollar before easing slightly in Tokyo trade -- far from last year's eight-year lows of more than 145 to the greenback.