WASHINGTON ¨C The U.S. Treasury Department said it will press Japan to refrain from competitive devaluation while stopping short of accusing it of manipulating the yen, in a report on exchange rates.
The Treasury will pressure Tokyo to adhere to international commitments so as ¡°to remain oriented toward meeting respective domestic objectives using domestic instruments, and to refrain from competitive devaluation and targeting its exchange rate for competitive purposes,¡± the department said in its semiannual currency report to Congress that was released Friday.
The Bank of Japan surprised markets April 4 by doubling monthly bond purchases to almost match the U.S. Federal Reserve¡¯s monetary easing, and by setting a two-year horizon for achieving its goal of 2 percent inflation. BOJ Gov. Haruhiko Kuroda said Friday there¡¯s no time limit for the stimulus.
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