Friday, July 29, 2011

Strong Yen Hits Exporters Hard But Benefits Consumers

Mainichi Japan

The high value of the yen, which has been pushed higher over the past weeks as the European Union and the United States try to stave off full-blown financial disasters, is hitting Japan's exporters hard. The U.S. greenback recently fell to 77 yen -- a serious drop from the around 80 yen it cost to buy a dollar on July 1 -- putting the squeeze on Japan's core export-oriented businesses already reeling from the effects of March 11's Great East Japan Earthquake and tsunami. The Japanese auto industry, for example, is still trying to rebuild damage to its supply chain, and recover from a decline in output and sluggish sales caused by the disaster. The yen's ongoing appreciation is another . . . . . . .

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