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Ozawa Pledges Yen Intervention, Futenma Renegotiation

Ichiro Ozawa kicked off his campaign to become Japan’s prime minister with a pledge to intervene in currency markets to weaken the yen from a 15-year high and to renegotiate an agreement to move a U.S. Marine base on Okinawa.

Ozawa would take “every measure” to keep the yen from rising, including intervention, he said in a statement released in Tokyo today. He also vowed to introduce a 2-trillion-yen ($23.7 billion) economic stimulus, more than double that planned by Prime Minister Naoto Kan, the ruling party colleague he is seeking to replace.