US Treasury 'will not dictate policy' to Japan

US - The US will not urge Japan to buy foreign-denominated bonds to stimulate its ailing economy, Kenneth Dam, the deputy US Treasury secretary, said yesterday, Tuesday.

Mr Dam's comments to reporters were at odds with suggestions from other senior US officials that the Bush administration would favour such a move as a way of further easing monetary policy and fighting deflation in Japan.

Three months after Treasury secretary Paul O'Neill's trip to Japan was cut short by the September 11 attack

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