Tuesday, 5th April 2011
In Business In Japan,
Government calls on BOJ for more post-quake support
The Japanese government believes that the Bank of Japan (BOJ) needs to do more to support the country's economy after the March 11th earthquake, it has been claimed.
Finance minister Yoshihiko Noda suggested today (April 5th), that further monetary policy easing should be undertaken by the BOJ, the Associated Press reported.
Mr Noda added that he would raise the issue at this month's G7 summit after the group of nations took its first co-ordinated currency market action in more than ten years to stabilise the yen last month.
At a press conference following a cabinet meeting, he was quoted as saying: "We still hope [the BOJ] would underpin the Japanese economy with its monetary policy."
Since last month's natural disasters, the central bank has provided readily available liquidity to money markets in order to support the worst-hit financial institutions.
In other Japanese business news, Japan Times reports that shares in Tepco have plunged to their lowest ever level, in reaction to the company's handling of the nuclear crisis at the Fukushima power plant.
Written by Kimberley Homer