No plan to drive yen lower, Hayami says

Bank of Japan Governor Masaru Hayami said on Mar 8, 2001 he was alert to the risk of a vicious deflationary cycle but firmly denied that he wanted to push the yen lower to induce inflation.

Comments the day before by the central bank chief and by Finance Minister Kiichi Miyazawa were interpreted in the foreign exchange markets as endorsing a drop in the yen as a way of easing deflationary pressures and helping Japan's exporters.

But today [Mar 8] Hayami reverted to his long-held mantra that a

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