Bank of Japan to Hold Emergency Policy Meeting

The Bank of Japan says it will hold an emergency meeting as political pressure mounts for the central bank to ease monetary policy in the face of a surging yen.

In a statement on its website, the bank said the meeting is scheduled for Monday at 9 a.m. in Tokyo (00:00 GMT; 8 p.m. EDT Sunday).

The yen hit a 15-year high versus the dollar last week. A strengthening yen cuts into the profit of Japan's exporters, which could undermine the country's shaky recovery.

Japanese Prime Minister Naoto Kan on Friday made his strongest comments so far on the yen's recent spike. He told reporters that Japan would take "decisive action" when necessary against excessive foreign exchange volatility. He is meeting with Bank of Japan Gov. Masaaki Shirakawa this week.

The Japanese government has not intervened in foreign exchange
markets since 2004.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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