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IMF chief lauds Japanese monetary policy

  |   April 7, 2013 at 3:03 PM
BOAO, China, April 7 (UPI) -- The director of the International Monetary Fund lauded the Japanese for moving aggressively to stimulate their economy with new monetary policy.

Christine Lagarde, managing director of the IMF, said the plan by the Bank of Japan to aggressively purchase long-term bonds in an effort to stimulate private sector investment is a "welcome step."

The Bank of Japan said its goal is to double its monetary base over the next two years, The Financial Times reported Sunday.

Speaking at an economic forum in Boao, China, Lagarde said the Japanese have acted to bolster a world economic recovery that's been lagging since the financial crisis of 2008.

"A substantial portion of the global economy looks better now than it did a year ago," Lagarde said. "In particular, we are beginning to see momentum pick up in the U.S."

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