Reuters: US Dollar Report: BOJ Shirakawa: Carefully watching yen rise effect on economy

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BOJ Shirakawa: Carefully watching yen rise effect on economy Jun 4th 2012, 04:46 TOKYO, June 4 | Mon Jun 4, 2012 12:46am EDT TOKYO, June 4 (Reuters) - Bank of Japan Governor Massaaki Shirakawa said on Monday the central bank is carefully watching the effect that recent rises in the yen could have on the country's economy and business sentiment. But Shirakawa expressed caution about boosting the BOJ's purchases of government bonds further in an attempt to dispel lingering market expectations of further monetary easing. "If the BOJ pressed on too aggressively with purchases of government bonds, it could briefly push down long-term yields but subsequently trigger a jump in yields as bond markets would be too dependent on the central bank's purchases," he told a forum. The BOJ set a 1 percent inflation target and eased its monetary policy in February via an increase in asset purchases, and followed up with another stimulus in April in a show of its determination to beat deflation.

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