Shirakawa warns on yen strength

The governor of the Bank of Japan, Masaaki Shirakawa, highlighted the damage the yen's strength was having on the economy and served notice that the central bank stood ready to act.

The yen has hit a 13-year high after the Federal Reserve cut rates in the United States to near zero.

"Amid the rapid downturn of the global economy, a strong yen has a negative impact on the [domestic] economy," the governor told national television on Sunday.

"The impact is big. So we, the central bank, would like