Kan Says May Take ‘Bold’ Steps on Yen; Pressures BOJ
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Japan’s Prime Minister Naoto Kan stepped up his efforts to reverse the yen’s rise this week to a 15-year high and pushed the central bank to ease monetary policy in the face of deflation and faltering growth.
“We are ready when necessary to take bold measures” in the currency market, Kan told reporters yesterday in Tokyo without elaborating. Speaking after meeting with business executives, he said he expects the Bank of Japan to take action “swiftly,” and will talk with central bank governor Masaaki Shirakawa soon after the BOJ chief returns from the U.S. The bank is scheduled to hold its next policy meeting Sept. 6-7.