Tuesday, 2nd December 2008
In Business In Japan,
Firms want intervention to stop yen rising
Almost half (46 per cent) of Japanese businesses want the government to intervene if the yen continues to rise, a new survey by the Reuters news agency has found.
Last month, the Japanese currency hit a 13-year high against the dollar, giving investors cause for concern about the prospects for the country's export-dependent economy.
A transportation machinery manufacturer told Reuters that the biggest concern was how long the adverse economic conditions are going to last.
"Once we escape this situation, foreign exchange conditions are likely to return to natural levels," the company said, adding: "In other words, the concern here is the time required to shake free from this situation, and this is not an issue that can be resolved through foreign exchange intervention."
In related news, the Nikkei stock average fell by six per cent at the beginning of trading today (December 2nd).