Friday, 27th November 2009
In Business In Japan,
Prices fall in Japan
Prices are continuing to fall in Japan as the nation continues to battle deflation.
The rapidly rising yen is having an impact on the level of deflation in the country, which is still in the recovery stages of its worst recession since the second world war.
Head of Japanese business group Nippon Keidanren Fujio Mitarai said: "In the midst of deflation, such a sharp rise in the yen is a very serious problem and could drag down the economy. I certainly hope the government responds with emergency steps."
The currency is currently at a 14-year high.
According to figures published today (November 27th), prices in Japan fell at an almost record rate last month, with prices falling 2.2 per cent when compared to the same time last year.
The figures were in line with the median estimates put forward by 26 economists who have previously been surveyed by Bloomberg, the news source said.
Written by Kimberley Homer.
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