TOKYO, July 31 — Japanese Finance Minister Taro Aso described the yen’s recent rise as “rapid” today, signalling concern that a strong currency could add pain to an export-led economy already in recession because of the novel coronavirus. The yen’s recent appreciation comes as the...
The yen’s recent appreciation comes as the world’s third-largest economy has been bottoming out from its deepest postwar slump, with authorities juggling a restart of economic activity with efforts to prevent a second wave of coronavirus infections. — Reuters pic
The currency had been stable at around 107 yen to the dollar under Prime Minister Shinzo Abe’s administration, Aso told reporters after a cabinet meeting.The dollar hit a 4-1/2-month low of 104.195 yen today as investors worried that a recovery in the US economy could be stymied by a second wave of coronavirus.
A Japanese government panel acknowledged yesterday that the economy peaked in October 2018 and fell into recession, suggesting it was struggling long before its more recent coronavirus slump.
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