4 July
Japanese policymaker calls for yen strengthening through boosting industrial competitiveness
Japanese authorities must take steps to strengthen the yen, says policymaker Itsunori Onodera. He believes that boosting the industrial competitiveness could help turn things around. According to him, the weak national currency has driven up the cost of living for Japanese households.
The official has also cautioned against the government's proposed sell-off of American Treasuries in response to tariffs imposed by US President Donald Trump.
Japan has historically sought to prevent excessive yen strength, which could hurt its export-dependent economy. However, in recent years the currency has dropped to near 30-year lows. According to Itsunori Onodera, the weak yen is now fueling inflation. He argues the solution lies in boosting Japanese firms' competitiveness.
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