Japan’s Hatoyama: New policies will stimulate consumption

Japanese PM Hatoyama, speaking at the UN, says the global economy appears to be emerged from the worst of the crisis. New government policies will stimulate domestic consumption (giving people money will do that) and that Japan will work on global rules to curb “excessive money-making games”.

Greater Japanese government spending will likely crimp the amount of savings Japan has traditionally sent overseas, weakening the JPY.

USD/JPY trades at 91.20, consolidating the sharp bounce from near 90.50 early this morning.