U.S. Federal Reserve Chairman Ben Bernanke struck a positive note Wednesday about Japanese economic measures amid the depreciation of the yen, dismissing the view that Japan is manipulating currency through its stimulus steps.
“They’re not manipulating their exchange rate. They’re not directly trying to set their exchange rate at a given level,” Bernanke told the House of Representatives Financial Services Committee.
Bernanke said the Japanese government is engaging on strong domestic monetary policy measures, “trying to break the deflation they’ve had for about 15 years.”
The U.S. central bank chief also said the matter has been discussed at sessions of the Group of Seven major nations and the Group of 20 economies.
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