The rise of the Japanese yen will relieve the country's steel industry

The yen's bounce after the Bank of Japan's surprise policy change this week will put the country's steel industry at ease as it means lowering the cost of imported raw materials such as iron ore and coking coal.

"It's good that the sharp depreciation of the yen is correcting," said Eiji Hashimoto, president of Japan's largest producer Nippon Steel Corp.

Yoshihisa Kitano, chairman of the Japan Iron and Steel Federation and also chairman of JFE Steel Corp., said a stronger local currency would boost profits. He also called for the stability of the yen.

Japan's steel industry leaders have long talked about the depreciation of the yen, which is driving up the cost of everything from iron ore to coking coal and energy.