The steady rise in the value of the yen in recent weeks has unnerved Japanese authorities who see the trend as a threat to the country's exports and ultimate recovery.
The gain in the yen was also supported by the absence of new measures from the Bank of Japan, whose policymakers convened Tuesday, to stem the upward momentum.
The bank kept its key interest rate unchanged at 0.1pc to continue nurturing a moderate recovery and signalled stronger concern about the impact of a surging yen.
"We are aware that Japanese exporters have been significantly affected by the yen's strength," Masaaki Shirakawa, governor of the Bank of Japan, said.
"We are very carefully watching the impact of the stronger yen on the Japanese economy."
The central bank last week extended a multi-billion-dollar loan programme to counter the effects of a strong yen on the Japanese economy. (more)
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