Reuters: US Dollar Report: Japan ruling party manifesto urges BOJ to buy foreign bonds

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Japan ruling party manifesto urges BOJ to buy foreign bonds Sep 5th 2012, 06:21 TOKYO, Sept 5 | Wed Sep 5, 2012 2:21am EDT TOKYO, Sept 5 (Reuters) - Japan's ruling party called on the Bank of Japan on Wednesday to buy foreign bonds as a new policy step aimed at countering the strong yen and beating deflation. In a draft election manifesto, the ruling Democratic Party urged the government and the central bank to work closely together on fiscal and monetary policies to combat the yen's excessive rise and overcome deflation, which has plagued the economy for much of the past two decades. The Democrats are expected to face an uphill battle in the next general election for parliament's lower house, which Prime Minister Yoshihiko Noda has promised to call "soon" in order to obtain the opposition's backing for a contentious sale tax hike. The manifesto also called for a swift exit from reliance on nuclear power. A few minutes before the draft was released, BOJ board member Ryuzo Miyao had ruled out the possibility of the central bank buying foreign bonds.

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