A heightened sense of alarm over the yen’s surge to record highs prompted Bank of Japan board members to ease monetary policy in 2011 amid a nascent recovery from the shock caused by the massive earthquake, tsunami and nuclear crisis in the northeast of the country that year, the BOJ’s minutes showed Monday.
The minutes of policy-setting meetings between July and December in 2011 reveal the BOJ’s concern regarding the yen’s persistent strength, which was threatening to hurt corporate sentiment, prod manufacturers to shift production overseas and delay the nation’s exit from deflation.
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