Bank of Japan Policy Board member Ryuzo Miyao said Wednesday the central bank is ready to take "appropriate" action as needed to support the economy amid worries that the yen will stay strong.
"An area of concern is that the strong yen is taking root," Miyao, 47, said in a speech in Hakodate. If the dollar and euro remain weak against the yen on sovereign-debt worries, "concern about the hollowing-out of domestic industries will increase," he said.
The yen's appreciation to a post-World War II high last month threatens to derail the export-dependent recovery from the March 11 earthquake. Finance Minister Jun Azumi said Sunday he explained to his counterparts from the Group of Seven nations in Marseille, France, that Japan is prepared to take "bold actions" against speculative moves in the yen.
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