|
|
Japanese govt concerned by yen's rapid fall against USD
|
|
|
|
Top Stories |
|
|
|
|
IANS | 22 Nov, 2014
Japanese Finance Minister Taro Aso Friday expressed concern over the
sharp depreciation of the yen against the dollar this week, and said
abrupt movements in the foreign exchange market were not beneficial to
the Japanese economy.
"The yen's depreciation against the dollar
over the past week has been too rapid," Aso told reporters after the yen
fell Wednesday from 116 to 118 to the dollar for the first time in
seven years and three months.
The US currency has climbed 15 percent against the Japanese yen since August.
Aso's
comments come at a time when the government is drawing up a plan to
stimulate economic recovery that will include support measures for
families and small and medium-scale industries.
All of those
sectors have been negatively affected by the yen's depreciation, which
has made imports more expensive, and by the sales tax hike that took
effect in April.
Aso also said that the government would prepare a
stimulus package by the end of this year and would form a separate
budget line, which would be introduced in parliament early 2015, to
finance the package.
Between July and September, Japan's gross
domestic product fell,for the second consecutive quarter on account of
the slump in demand that followed the sales tax hike.
Prime Minister Shinzo Abe earlier this week postponed another sales tax hike which had been scheduled for October 2015.
He
also dissolved the lower house of the parliament and called for snap
polls Dec 14 as he seeks to strengthen his mandate and implement his
economic strategy of aggressive stimulus packages, popularly known as
“Abenomics”, without hindrance.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|