Japan's central bank joins Fed in easing policy
TOKYO (AP) - Japan's central bank on Wednesday ramped up its efforts to spur economic growth, following similar steps by central bankers in the United States (US) and Europe.
The Bank of Japan (BOJ) announced it would boost the size and duration of a government bond-buying programme that's intended to encourage borrowing and spending and make Japan's exports more competitive.
Purchases of government bonds keep downward pressure on interest rates and the yen, whose rise has made Japanese products more expensive relative to other countries' exports.
After a two-day policy meeting, the BOJ said it would spend an additional 10 trillion yen (S$156 billion) on short-term and long-term government bonds and bills. And it said it would make those purchases through the end of 2013, a six-month extension.