BOJ Says No Reason for Yen to Strengthen

        TOKYO--Bank of Japan Gov. Haruhiko Kuroda said Wednesday there is no reason for the yen to strengthen, a possible indication he on alert following recent gains in the currency.
        "We will keep moving ahead with the current quantitative and qualitative easing program, while there are signs of a steady recovery in other economies, in particular the U.S. economy," Mr. Kuroda said at a news conference, noting that the Federal Reserve is scaling back its stimulus measures.
        "Considering economic conditions at home and abroad and movements in financial markets, I don't see any reason that the yen would have to appreciate."
        A stronger yen reduces the value of profits earned by Japanese firms through exports in yen terms, while making exports less price competitive.
        Mr. Kuroda was speaking after the BOJ decided to keep its policy unchanged at the end of a two-day policy meeting earlier in the day.
        Write to Takashi Nakamichi at takashi.nakamichi@wsj.com
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        (END) Dow Jones Newswires

        May 21, 2014 04:10 ET (08:10 GMT)