BY MEGUMI FUJIKAWA AND JON HILSENRATH

TOKYO—Bank of Japan Gov. Masaaki Shirakawa said he does not believe the current historically high value of the yen represents a major threat to the domestic economy, suggesting that the central bank may refrain from taking any renewed action to weaken the currency for the time being.

"At this moment, it is not working as an additional risk factor," Mr. Shirakawa told The Wall Street Journal and Dow Jones Newswires in an interview Friday in response to a question about whether he felt the yen's current level was a concern.

He was quick to suggest, however, that the high value ...