Reuters: US Dollar Report: Japan finmin: BOJ foreign bond buys need careful consideration

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Japan finmin: BOJ foreign bond buys need careful consideration Oct 1st 2012, 14:46 TOKYO | Mon Oct 1, 2012 10:46am EDT TOKYO Oct 1 (Reuters) - Japan's new finance minister said on Monday the idea of the central bank buying foreign bonds needs to be considered carefully and there is no change in the government's readiness to take decisive action on excessive foreign exchange movements. Koriki Jojima was speaking at a late night press conference after his appointment in a reshuffle of Prime Minister Yoshihiko Noda's cabinet. Jojima's predecessor, Jun Azumi, had shrugged off calls in August from some policymakers for the central bank to buy foreign bonds to help weaken the yen, saying it would breach the finance ministry's jurisdiction over exchange rate policy. Separately, Japan's newly appointed economics minister Seiji Maehara said that such purchases represent one of the options for easing and the yen's strength has gone too far, Kyodo news agency reported. The BOJ, which eased monetary policy last month, will hold its next policy-setting meeting this week.

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