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Tuesday, 29th November 2011
In Business In Japan,

Shirakawa: we will improve currency position

Japan’s finance minister Masaaki Shirakawa vowed to improve the position of the yen amid its increased strength, in a speech made to parliament earlier today (November 29th).

Shirakawa, who is the Bank of Japan’s (BOJ) governor, suggested the poorly-placed yen is suffering due to economic turmoil affecting the European Union, Reuters reported.

He told listeners the nation’s bank would influence longer-term interest rates and risk premium, as it strives for a positive effect on the currency rate.

The finance minister said: “Current yen rises are a result of the yen being bought as a relatively safe asset with global economic uncertainty very high due to Europe’s sovereign debt crisis,” the news provider quoted.

During August and October of this year, the BOJ tried to ease problems through an increase in asset purchases, with the country’s economy heavily reliant on exports.

Mr Shirakawa added: “I want to make efforts to attain little more appropriate currency levels.”

Yesterday, it was announced Toru Hashimoto would become the next governor of Osaka as the city enjoyed its highest voter turnout in 40 years.

Posted by Mark Smith  

Related news stories:
BOJ governor predicts recovery (8th February 2011)
Bank of Japan maintains monetary policy (26th January 2011)
Japan rethinks economic forecasts (29th October 2010)
Bank defends yen intervention (23rd September 2010)