Reuters: US Dollar Report: BOJ chief Kuroda says BOJ does not target forex rates

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BOJ chief Kuroda says BOJ does not target forex rates May 10th 2013, 11:12 AYLESBURY, England | Fri May 10, 2013 7:12am EDT AYLESBURY, England May 10 (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Friday that the central bank's monetary policy does not target currency rates and is instead aimed solely at achieving its 2 percent inflation goal in roughly two years. "The Bank of Japan isn't targeting currency rates, which are determined by the markets," Kuroda told reporters ahead of a weekend Group of Seven finance leaders' gathering near London. The yen fell to over a 4-1/2-year low of more than 100 to the dollar on Friday, helping Japan's export-reliant economy but possibly causing tension with its trading partners at the G7 meeting. The Bank of Japan unleashed its most aggressive monetary stimulus yet in April, adding to the yen's downward momentum that has helped Japan's exporters. That has drawn criticism from some emerging nations, although the G7 has until now given broad consent that the BOJ's actions are in line with a G20 agreement that monetary policy must be taken for domestic purposes, not to manipulate currency moves.

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