Japan to boost forex war chest by 30 trillion yen

TOKYO, Dec 20 (AFP): Japan said Tuesday it will bolster its currency market intervention war chest by 30 trillion yen ($385 billion), the second- biggest increase on record, as it moves to tame the soaring currency. The move came as Japanese exporters, a key driver of the country's economy, continue to complain that a strong yen makes their products less competitive overseas and erodes the value of repatriated profits. "With this, we are preparing ourselves so that we can take resolute decisions at any moment in any situation," Finance Minister Jun Azumi told a press conference. The plan, included in a fourth 2.53-trillion-yen extra budget approved by the cabinet Tuesday, would raise the accumulated total amount the government is allowed to borrow from the market to finance intervention to 195 trillion yen.