TOKYO : Japanese authorities are facing renewed pressure to combat a continued yen fall driven by market expectations that the Bank of Japan will keep interest rates ultra-low, even as other central banks tighten monetary policy to curb inflation.Aside from verbal intervention, Japan's government has seve
TOKYO : Japanese authorities are facing renewed pressure to combat a continued yen fall driven by market expectations that the Bank of Japan will keep interest rates ultra-low, even as other central banks tighten monetary policy to curb inflation.
But yen weakness is now seen as problematic, with Japanese firms having shifted production overseas and the economy heavily reliant on imports for goods ranging from fuel and raw materials to machinery parts.When Japanese authorities escalate their verbal warnings to say they"stand ready to act decisively" against speculative moves, that is a sign intervention may be imminent.
But while inflation remains above the BOJ's 2 per cent target, public pressure has declined as fuel and global commodity prices have fallen from last year's peaks. To support the yen, however, the authorities must tap Japan's foreign reserves for dollars to sell for yen.
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