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2/1/2017, 5:40 AM (Source: TeleTrader)
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Japan to explain that government does not manipulate yen

Japan will explain to the United States that the Bank of Japan’s policy is not aimed at manipulating the yen, Chief Cabinet Secretary Yoshihide Suga (pictured) said at a news conference on Wednesday. Suga was speaking after US President Donald Trump and his trade advisor Peter Navarro criticized China, Germany and Japan for “devaluing” their currencies.

Suga called Trump’s comments “totally inaccurate,” and said that the monetary easing policy has the goal of achieving price stability, not of manipulating the currency. He added that Japan’s actions are in accord with G7 and G20 agreements.

Earlier today, Japan Finance Ministry’s foreign exchange policy head Masatsugu Asakawa said: "Japan’s monetary policy is for the domestic purpose of beating deflation, and isn’t done with FX in mind, so I think that (Trump’s) remarks are a little bit wide of the mark.”

Trump said yesterday that other countries "take advantage of us with their money and their money supply and devaluation." Navarro accused Germany of keeping the euro low to give the country an edge over America.

Baha Breaking News (BBN) / RV