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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Japan's Kan threatens to intervene again to weaken yen AFP - Saturday, October 2 Send IM Story Print Japan's Kan threatens to intervene again to weaken yen Slideshow: Full Photo Coverage: Business & Economy TOKYO (AFP) - – Japanese Prime Minister Naoto Kan on Friday renewed his threat to intervene in currency markets to cap the strong yen, while vowing to pass an extra budget to shore up the flagging economy. "The government and the Bank of Japan carried out foreign exchange intervention. We are going to take firm measures if necessary from now on," Kan said in a keynote speech in parliament. Japan stepped into the currency markets on September 15 for the first time since 2004 to weaken the yen and help safeguard a fragile economic recovery after the unit hit a 15-year high of 82.86 against the dollar. But the greenback has since unwound more than half of its post-intervention gains, prompting speculation authorities may be preparing to take further steps. Any repeated foray into the markets may provoke ire from Japan's Group of Seven partners, after its first intervention for six years was criticised by politicians in Washington and Brussels. With a large trade and current account surplus, Japan has a relatively weak case to lower its currency to boost exports, some analysts argue. Kan also called on the Bank of Japan to take "additional, necessary policies aiming to achieve an end to deflation in close cooperation with the government," heaping more pressure on the central bank to act. The premier's speech followed data Friday that showed consumer prices slide for the 18th consecutive month in August, as Japan remained mired in damaging deflation. Top officials have piled pressure on the Bank of Japan to take more steps to support an economy threatened by a strong yen. News reports said the central bank plans to discuss taking additional monetary easing measures to help shore up the recovery at the October 4-5 board meeting. In his speech to mark the beginning of a new parliament session, Kan called on opposition parties to swiftly pass a supplementary budget. Parliament is half controlled by the opposition camp. "The biggest challenge in the current Diet session is to pass the supplementary budget for economic measures," Kan said. "I want to aim at an accord on the supplementary budget and others by promoting exchange of views between the ruling and opposition parties. From the bottom of my heart, I hope for a constructive dialogue." On Monday, Kan ordered the budget to finance new economic measures at a meeting with his government officials and senior members of his ruling Democratic Party of Japan. The budget bill, expected to be submitted to parliament soon, will focus on five areas: employment, economic growth, social welfare, stimulating regional economies and deregulation. For Kan, a fiscal hawk who focused his early agenda on efforts to cut spending and slash Japan's huge debt running close to 200 percent of gross domestic product, how the budget is funded will be crucial. "If we leave the current public finance situations as they are, we will not be able to continue to do so at some point," Kan said without elaboration. The government in September approved a 915 billion yen stimulus package financed by reserve funds to create around 200,000 jobs and lift the country's GDP by about 0.3 percent, but that was criticised as not being enough. 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