J-News Mini-Roundup: Strong Yen – Japanese Reactions to their Inflated Currency
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J-News Mini-Roundup is a recurring feature written by Friend Of JET, Jon Hills, who maintains the blog for Hills Learning (www.hillslearning.com). Hills Learning is a NY-based language learning services company offering customized and personal Japanese and Chinese language learning options.
Background: The Japanese economy has had some bad news in past weeks. The index that measures new housing starts in Japan went down 27.1% in October. The historic news that JAL is lowering their retirement payouts still rocks the news, along with institutions posting historic unbalanced budgets, including JTB and the Bank of Japan.
Usually at the forefront of bad economic news are the effects felt from a strong yen. In an export driven economy with the dollar weakening and the yen strengthening, Japanese exports continue to become more expensive when compared with their competition. The newspapers this morning reported on the yen strengthening and the reactions to it.
Asahi Prime Minister Hatoyama exclaims “We must do something quickly…”
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