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Japan to ease strong yen

09-27-2011 14:07 BJT

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Japan to bring forward steps to ease strong yen pain

Japan's government said on Tuesday it will bring forward steps to ease the pain some companies feel from a stronger yen and enact the measures before it completes an extra budget expected next month to fund reconstruction spending.

Japan's government said on Tuesday it will bring forward steps to ease the
pain some companies feel from a stronger yen.

The move comes amid mounting concerns that the strong yen could stunt Japan's recovery from the March earthquake and tsunami at the time when the economy faces headwinds from the euro zone's sovereign debt crisis and economic slowdown in its top export markets.

The government's decision is a sign of increasing haste among policymakers, but economists and major exporters have warned that the proposed measures are similar to what previous governments have enacted and could have a muted impact in the short term.

"The government will carry out the measures ahead of time before downside risks to the economy materialise without waiting for the completion of the third extra budget," the cabinet office said in a statement.

Finance Minister Jun Azumi said on Tuesday the extra budget, mainly aimed at funding reconstruction from the March 11 disaster and expected to be completed next month, will exceed 11 trillion yen ($144 billion).

The government did not disclose how much it will spend on the new yen measures, which include subsidies for firms that build factories in Japan, the expansion of subsidies to corporations that secure jobs when they are forced to downside and funding to encourage overseas acquisitions.

Editor:James |Source: CNTV

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