Reuters: US Dollar Report: Strong yen big negative for Japan exports -BOJ Shirakawa

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Strong yen big negative for Japan exports -BOJ Shirakawa Sep 6th 2012, 05:14 TOKYO, Sept 6 | Thu Sep 6, 2012 1:14am EDT TOKYO, Sept 6 (Reuters) - Bank of Japan Governor Masaaki Shirakawa said on Thursday the strong yen has a big negative impact on the country's exports, corporate profits and business sentiment. Shirakawa also warned that failure to do anything to fix Japan's worsening public finances could eventually lead to a rise in current low Japanese bond yields, and called for progress on fiscal reforms. He was speaking at a seminar on global economic developments held in Tokyo. The BOJ set a 1 percent inflation target and boosted asset purchases in February to convince markets it was serious about pulling the economy out of deflation, which hampers consumer spending and business investment. It followed up with another increase in its asset buying pool in April, but has held fire since then.

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