Japan to explain easing program to G20

TOKYO - Japanese Finance Minister Taro Aso said Tuesday the Bank of Japan's monetary easing is aimed at overcoming the country's prolonged deflation and that he will explain the program to Group of 20 financial chiefs later this week in Washington.

The goal of Japan's economic and monetary policies is "to pull the economy out of a deflationary recession" and any fallout from them is "not our main objective", local media quoted Aso as saying.

Aso emphasized Japan is not trying to manipulate its currency by forcing the central bank to take drastic monetary easing steps.

Aso's remarks came after the US Treasury Department's semiannual report on currency practices prompted a correction of the yen's recent depreciation against the US dollar by noting the United States will "closely monitor Japan's policies" and continue to press Japan to "refrain from competitive devaluation", according to media reports.