Bank of Japan Governor Haruhiko Kuroda said on Saturday the yen's recent de...
RIYADH - Bank of Japan Governor Haruhiko Kuroda said on Saturday the yen’s recent declines were largely driven by a strong dollar, shrugging off some market views that the widening coronavirus epidemic is triggering an outflow of funds from Asia.
“If needed, we will take additional monetary easing steps without hesitation,” he told reporters upon arriving at a Group of 20 finance leaders’ gathering in Riyadh. The yen bounced back on Friday after suffering its worst two-day performance since 2017 on worries about the health of Japan’s economy, which has been hit by supply-chain disruptions and a plunge in Chinese tourists caused by the virus outbreak.
“It’s true there is uncertainty over the coronavirus outbreak’s impact on the Chinese, Asian and global economies. But I don’t think there has been a fundamental change in the exchange-rate market.”Japan’s economy shrank at its fastest pace in nearly six years in the December quarter, as soft global demand for Japanese cars and machinery and last year’s sales tax hike hurt domestic consumption and business spending.
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