Strong Yen wreaks havoc for Japan’s exporters

By Daily Maverick Legacy 29 September 2009

For decades, Japan’s successive governments have propped up exports by carefully calibrating the Yen:USD exchange rate. But as the new Democratic Party of Japan rose to power, it became obvious the new wind will change Japan’s positions on many issues - social, political and military. So when finance minister, Hirohisa Fujii announced he will not intervene against the strengthening Yen, the currency promptly hit an eight-month high of ¥88.22 against the dollar on Monday. Fujii also came out against artificial help for Japanese exporters, but appeared to backtrack soon after. (Perhaps he got a call from Toyota). Welcome to the job of governing Japan, DPJ! Your time will not be boring.

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