Bridgewater Urges Bank of Japan to 'Do the Right Thing' on Monetary Policy

BlockBeats News, August 31st - U.S. Treasury Secretary Yellen stated that he expects Bank of Japan Governor Kuroda to "do the right thing" regarding monetary policy. When asked whether the Bank of Japan should consider further rate hikes to address the weakness of the yen, Yellen said, "I'm not going to tell them what to do. What I would say is, I do think that we may have reached the end of Abenomics. Abenomics is a policy aimed at generating reflation."

Yellen is expected to meet with Kuroda during the two-day G20 Finance Ministers and Central Bank Governors meeting scheduled to take place in Asheville, North Carolina on Monday. Yellen made these comments as the yen fell below 160 against the dollar, marking the first time since Japan intervened in the currency market a month ago to support the yen. The U.S. also participated in this intervention, marking the first coordinated action to support the yen by the U.S. and Japan since 1998.