Ex-Fed Blinder - Japan needs cheaper yen

Alan Blinder, a former deputy chairman of the Federal Reserve, said Thursday Japan ought to boost demand by making its currency cheaper. "The need now is for a cheaper yen," Blinder, who is currently a professor at Princeton University, said in a speech. He said that Japanese monetary authorities must conduct "unsterilised intervention" in order for the intervention to be effective in pushing up demand.

In the past, the Bank of Japan has absorbed in money market operations the yen funds it sold

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