The administration of Prime Minister Sanae Takaichi is scrambling to walk back a statement on monetary policy that might have dented investor confidence in Japanese bonds and contributed to a further weakening of the yen.?
On Friday, Finance Minister Satsuki Katayama said she was aware of a widely reported ※shock§ related to a draft document issued late last month, and she stressed that monetary policy should be managed by the Bank of Japan based on the Bank of Japan Act, which ensures independence.
※I believe it is essential that this stance of the government is fully trusted to maintain market confidence,§ she said.?
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