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Abe says no need for BOJ to be swayed by yen's depreciation

Raising rates to prevent currency weakening 'clearly wrong,' former Japan PM says

Former Japanese Prime Minister Shinzo Abe, left, promoted the Bank of Japan's ultra easing policy as part of his "Abenomics" economic package when he was prime minister.

TOKYO -- Former Japanese Prime Minister Shinzo Abe said Monday that the Bank of Japan would be mistaken to tighten policy this week because of the weakening yen.

"There is absolutely no need to be swayed" by the yen's depreciation, Abe said at a meeting of the ruling Liberal Democratic Party's caucus for post-pandemic economic policy. "The idea that interest rates should be raised to prevent the yen from weakening is clearly wrong."

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