Lew says Bank of Japan action aimed at domestic demand

WASHINGTON Wed Apr 17, 2013 4:51pm EDT

U.S. Treasury Secretary Jack Lew testifies before the House Budget Committee in Washington April 16, 2013. REUTERS/Gary Cameron

U.S. Treasury Secretary Jack Lew testifies before the House Budget Committee in Washington April 16, 2013.

Credit: Reuters/Gary Cameron

WASHINGTON (Reuters) - Treasury Secretary Jack Lew on Wednesday endorsed massive monetary easing by the Bank of Japan to spur that country's economy, even though it has also pushed the yen to multi-year lows against the euro and dollar.

"Japan has had problems with domestic demand for some time and to the extent that they are targeting their policies at encouraging domestic demand with domestic tools, we think that is very much consistent with what we and the other G7 countries agreed to just a few weeks ago in Moscow," Lew said.

"As long as the policies are consistent with the objectives of growing domestic demand, using domestic tools, it is consistent," he said, in remarks after a speech at John Hopkins University School of Advanced International Studies.

(Reporting by Lucia Mutikani and Timothy Ahmann, writing by Alister Bull)

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