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Economy

Weak yen is 'positive' for Japan's economy: BOJ Kuroda

Central bank lowers inflation forecast to 0%, holds monetary levers in place

The Bank of Japan issued its quarterly economic outlook on Thursday. (Photo by Karina Nooka) 

TOKYO -- The yen's recent slide to a three-year low against the dollar has Japan worried that this could hurt business and consumer sentiment by making things more expensive amid skyrocketing commodity prices. But on Thursday, Bank of Japan Gov. Haruhiko Kuroda dismissed this, saying a weak yen does more good than harm.

Speaking after a two-day monetary policy meeting, he noted the positives of a weaker yen, which boosts the value of overseas corporate earnings when converted into the Japanese currency. "The positive impact substantially outweighs the negative," he said. "The current yen weakness is positive for the economy, without a doubt."

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