Japan’s central bank may face increased pressure to boost monetary stimulus after the nation’s government mounted a unilateral effort to stem an appreciating currency that endangered exporters’ earnings.
By ending a six-year policy of refraining from currency intervention yesterday, Prime Minister Naoto Kan’s government followed through on pledges for “bold” action to rein in the yen, which reached the highest level since 1995 this week. Kan may now turn to the central bank to step up bond purchases.
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