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To soothe its troubled markets, Japan needs the US on its side

A monitor at a foreign currency broker in Tokyo shows the yen trading at the 105 level against the dollar on May 3.

TOKYO -- The Japanese economy has received some nasty jolts recently. One of the biggest was the Bank of Japan's decision -- against all expectations -- to refrain from loosening monetary policy further. This sparked a sudden surge in the yen's value and plunges in share prices.

The turbulence has gathered steam following the U.S. Treasury Department's announcement that it is including Japan on a new watchlist for foreign exchange practices.

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