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Japan PM Talks up Weak Yen Even as Her Government Works to Counter Currency Decline
- On Sunday, Prime Minister Sanae Takaichi clarified she did not favour a yen direction, saying, `I did not say which is better or worse- a strong yen or a weak yen` and aims for economic resilience.
- During her campaign speech, Takaichi said the yen's depreciation has helped exporters and increased returns in the Foreign Exchange Fund Special Account.
- Market participants noted the yen spiked three times after reports the New York Federal Reserve and Japanese authorities queried banks, signaling possible intervention readiness.
- The government said it is closely monitoring foreign exchange developments, while Prime Minister Sanae Takaichi refrains from specific market comments, contrasting Finance Minister Satsuki Katayama's repeated threats amid 18-month lows.
- Takaichi is seeking a mandate for her reflation mission in the snap election on February 8, while former prime minister Yoshihiko Noda warned a weak yen hurts households reliant on imports.
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The yen weakened against the dollar in the Tokyo foreign exchange market on the morning of the 2nd, briefly hitting the mid-155 yen range, down about 1.50 yen from the evening of January 30th. Prime Minister Sanae Takaichi's remarks in a speech signaled to the market that the yen was tolerant of a weaker yen.
·Tokyo, Japan
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Tokyo. Japanese Prime Minister Sanae Takaichi cited some advantages of a weaker yen on Saturday, in stark contrast to the Ministry of Finance’s threats to intervene to support the currency.
·Mexico
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Total News Sources20
Leaning Left4Leaning Right2Center6Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 33%
C 50%
R 17%
Factuality
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