WASHINGTON – The U.S. Treasury Department on Tuesday urged Japan to refrain from conducting unilateral market interventions to stem the yen’s appreciation and instead take steps to spur its economy and sharpen the competitiveness of Japanese firms.
“Rather than intervening to try to influence the exchange rate, Japan should take fundamental and thoroughgoing steps to increase the dynamism of the domestic economy, increase the competitiveness of (its) firms . . . and raise potential growth,” the department said in its semiannual Report to Congress on International Economic and Exchange Rate Policies.