09-August-2020
Economy News
 
As Yen appreciates rapidly, Japan's Finance Minister sounds alarm bells
01-Aug-2020

Japanese Finance Minister Taro Aso described the yen's recent rise as "rapid" on Friday, 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 world's third-largest economy has been bottoming out from its deepest post war slump, with authorities juggling a restart of economic activity with efforts to prevent a second wave of coronavirus infections. The currency had been stable at around 107 yen to the dollar under Prime Minister Shinzo Abe administration, Aso told reporters after a cabinet meeting. "Stability is important, so I'm closely monitoring it with a sense of urgency." The dollar hit a 4-1/2-month low of 104.195 yen on Friday as investors worried that a recovery in the US economy could be stymied by a second wave of coronavirus.

News Source:- https://www.business-standard.com/article/international/as-yen-appreciates-rapidly-japan-s-finance-minister-sounds-alarm-bells-120073101241_1.html