Thursday, 12th August 2010
In Business In Japan,
Strong Japanese yen still impacting markets
The Japanese trade ministry has announced an emergency survey into strong yen, as the strength of the nation's currency continues to impact demand for Japanese products overseas as well as stocks and shares.
According to the Wall Street Journal, local news source the Nikkei Business Daily reported that the ministry of economy, trade and industry is to survey around 200 firms to get an idea of just how much the strong yen has affected their business.
This week, the US dollar has fallen to a 15-year low against the Japanese currency.
Prime minister Naoto Kan - who has always been in favour of a weaker yen - has made several warnings about the state of the Japanese economy.
After struggling with its worst recession since the end of the second world war, the nation's debt is now twice the amount of its GDP.
According to the source, the Nikkei reported that minister of economy, trade and industry Masayuki Naoshima said: "The recent yen strength may exert a big impact on the Japanese economy, even in the medium to long-term."
Written by Kimberley Homer