Shinzo Shrugs Off Global Criticism of Stimulus Steps

Japanese Prime Minister Shinzo Abe waded into the growing global debate about currency wars for the first time on Wednesday, shrugging off criticism that Tokyo was trying to intentionally weaken the yen with its monetary and fiscal stimulus measures.

“The measures taken by the government and the BOJ are aimed at beating deflation and achieving sustainable economic growth,” Abe said, when asked by an opposition party leader in parliament about criticism from some overseas policymakers that the steps were attempts by Tokyo to directly weaken the yen.

It was his first public comment on the issue.

German Chancellor Angela Merkel last week singled out Japan as a source of concern following recent moves by its central bank to quicken the pace of money-printing.

South Korea has also been vocal in recent days, with the governor of the central bank saying on Saturday that Japan’s latest monetary easing had “created problems.

Read the rest of the story: Japan PM shrugs off global criticism over latest stimulus steps.

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