Japan to Announce Support for Firms Hurt by Yen Surge
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TOKYO — New government measures to cope with the yen’s surge against the dollar will be announced next week, Japanese newspapers reported today.
The Nihon Keizai said the government will propose financial support to small companies hurt by slowing exports. The government will also speed up public works spending and continue income tax reductions to stimulate demand, the paper said.
Finance Minister Masayoshi Takemura Friday urged increased public spending to stimulate Japan’s domestic economy.
Separately, the Asahi newspaper said the Bank of Japan may cut its discount rate if the yen continues to surge. The central bank is concerned about deteriorating business confidence, about the reluctance of major companies to increase capital spending and weak consumer confidence, the report said.
But Bank of Japan Gov. Yasuo Matsushita said Friday said he saw “no need for a drastic change in monetary policy,” at this time.
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