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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Bank of Japan chief eyes action on strong yen AFP - Sunday, January 4 TOKYO (AFP) - - Japan's central bank chief warned Sunday that the soaring yen was hurting Asia's largest economy and said he was looking at measures to cope with it. The yen recently hit a 13-year high against the dollar after the US Federal Reserve cut interest rates to virtually zero. A strong yen makes Japanese exports less competitive and cuts into repatriated earnings. "Amid the rapid downturn of the global economy, a strong yen has a negative impact on the (Japanese) economy," Bank of Japan governor Masaaki Shirakawa told public broadcaster NHK. "The impact is big. So we, the central bank, would like to keep thinking of ways to cope with it, including through monetary policy," he said. Shirakawa said the central bank will keep studying how it can lower private banks' lending rates and make it easier for companies to procure the money they need for investment. But the bank has little room left to cut benchmark interest rates. On December 19, it slashed its key rate to 0.1 percent to cope with the worsening global slowdown. The government has repeatedly hinted it could order the bank to intervene on the market to bring down the yen. Japan has not intervened on the foreign exchange market for nearly five years. Some analysts doubt whether intervention would be effective, considering the market's negative view about the dollar in light of the woes in the US economy. The yen last week slipped to about 92 to the dollar, down from its 13-year high in mid-December of 87 to the dollar. It was at 114 to the US currency one year ago. - Dow Jones Newswires contributed to this report - Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China violates accord with Japan over disputed gas field: reportAFP - 1 hour 7 minutes ago Japan Inc. says recovery unlikely this year: pollsAFP - 1 hour 9 minutes ago Chinese manufacturing shrinks in DecemberAP - 2 hours 36 minutes ago Bank of Japan chief eyes action on strong yenAFP - Sunday, January 4 Related Articles: Business Vietnam workers strike over alleged abuses: reportsAFP - 53 minutes ago China violates accord with Japan over disputed gas field: reportAFP - 1 hour 7 minutes ago Japan Inc. says recovery unlikely this year: pollsAFP - 1 hour 9 minutes ago Most Japan firms see economy worsening in '09-reportReuters - 1 hour 18 minutes ago Chinese manufacturing shrinks in DecemberAP - 2 hours 36 minutes ago Enlarge Photo Bank of Japan chief eyes action on strong yen Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US steel industry in collapse, eyes government aid: report Rare Bugatti untouched for 50 years could fetch millions: report World's oldest person dies at the age of 115 Vogue editor biggest fashion flop of 08: Time Paulson blames global imbalances for credit crisis: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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