Updated from 11:21 a.m. EDT
Updated with Bank of Japan's own announcement that it will hold an emergency policy meeting.
) -- The Bank of Japan said Sunday it will hold an emergency policy meeting Monday morning.
Japan's central bank is facing growing pressure to ease monetary policy in order to damp recent strength in the nation's currency, the yen.
The bank announced the meeting in a brief statement on its Web site, saying the purpose is to "discuss monetary control matters based on recent economic and financial developments."
The meeting is scheduled for 9 a.m. in Tokyo, or 8 a.m. EDT.
The recent strength of the yen threatens the country's export-driven economy.
If the central bank makes changes to monetary policy, they could coincide with government efforts to reduce the value of the yen. Japan's finance minister, Yoshihiko Noda, said over the weekend he would take "decisive" steps to keep the currency from appreciating again,
The Wall Street Journal
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This article was written by a staff member of TheStreet.