Masafumi Yamamoto News
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Japan’s top currency official pushed back against international criticism of the nation’s monetary policy, saying that the central bank isn’t engaged in a competitive devaluation of the yen.
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The Bank of Japan expanded its asset-purchase program for the third time in four months, and will reconsider its objectives for inflation as incoming Prime Minister Shinzo Abe urges more action to end price declines.
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Japan’s economy shrank almost 10 percent in the half decade since Shinzo Abe was last prime minister, as a soaring yen hollowed out manufacturing. Abe’s return may be exporters’ best chance yet to halt the damage.
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Japanese authorities can boost the effectiveness of currency market intervention by leaving extra liquidity in the financial system after selling the yen, according to Barclays Bank Plc.
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The dollar may extend declines toward a record against the yen after sliding to a 15-year low as the Federal Reserve said it would maintain bond holdings, Barclays Bank Plc and JPMorgan Chase & Co. said.
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Japan’s biggest corporations are weakening the yen through record takeovers of everything from a U.S. phone company to a Swiss drugmaker, after central bank Governor Masaaki Shirakawa’s attempts to halt the currency’s rise proved fleeting.
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For long-suffering bears on the yen, redemption is looking more likely if options are any guide.
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Japanese Prime Minister Yoshihiko Noda will dissolve parliament tomorrow, triggering an election that polls show his party will lose three years after ending the Liberal Democratic Party’s half-century grip on power.
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Bank of Japan Governor Masaaki Shirakawa, who set the nation’s first inflation goal six months ago to halt a decade-long struggle with deflation, has failed to produce the weaker currency craved by exporters.
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The odds that Japan will intervene in the currency market have doubled even after the election loss of a prime minister candidate calling for such action to weaken the yen, JPMorgan Chase & Co. says.
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