http://www.bloomberg.com/news/2011-08-01/yen-s-surge-threatens-to-wipe-out-japan-s-recovery-from-quake.html?cmpid=
The currency was at 77.30 per dollar at 9:34 a.m. in Tokyo, 7 percent higher than the 82.59 average that exporters used for profit forecasts in a Bank of Japan survey released last month. Toyota sees a yen stronger than 80 as a brake on growth and Finance Minister Yoshihiko Noda said today the yen is overvalued.
“The strong yen is the biggest uncertainty facing Japan’s economic recovery,” said Eiji Hirano, a former BOJ executive director and now executive vice president at Toyota Financial Services Corp. “Japanese companies were doing all they could to get back on their feet, helping the nation rebound faster than expected -- the strong yen could kill all of the optimism that was built up on that.”
The Japanese currency’s strengthening past 80 yen to the dollar is slowing the nation’s economic recovery, Toyota Motor President Akio Toyoda said on July 19. The automaker is aiming to be profitable at an exchange rate of 80 and prefers the 85 level as a manageable break-even point, according to Executive Vice President Atsushi Niimi.
The currency was at 77.30 per dollar at 9:34 a.m. in Tokyo, 7 percent higher than the 82.59 average that exporters used for profit forecasts in a Bank of Japan survey released last month. Toyota sees a yen stronger than 80 as a brake on growth and Finance Minister Yoshihiko Noda said today the yen is overvalued.
“The strong yen is the biggest uncertainty facing Japan’s economic recovery,” said Eiji Hirano, a former BOJ executive director and now executive vice president at Toyota Financial Services Corp. “Japanese companies were doing all they could to get back on their feet, helping the nation rebound faster than expected -- the strong yen could kill all of the optimism that was built up on that.”
The Japanese currency’s strengthening past 80 yen to the dollar is slowing the nation’s economic recovery, Toyota Motor President Akio Toyoda said on July 19. The automaker is aiming to be profitable at an exchange rate of 80 and prefers the 85 level as a manageable break-even point, according to Executive Vice President Atsushi Niimi.
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