Japan to Take Action on Yen When Needed

Japan's Prime Minister Naoto Kan said Friday he would take "decisive action" when necessary regarding the strengthening yen, a report says.
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TOKYO (

TheStreet

) -- Japan's Prime Minister Naoto Kan said Friday he would take "decisive action" when necessary regarding the strengthening yen.

"Excessive movement in the currency market is bad for the economy and financial markets ... I will take decisive action when necessary," Kan told reporters in Tokyo, the

Wall Street Journal

reports.

Kan, the

Journal

reports, also applied further pressure on the Bank of Japan to loosen its monetary policy, saying he would meet with BOJ Gov. Shirakawa as soon as Shirakawa returns from his U.S. trip.

The yen hit a 15-year high vs. the dollar earlier this week.

The dollar was slightly higher Friday, rising 0.3% to 84.745 yen from Thursday.

-- Written by Joseph Woelfel

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