adminrecovery from the impact of the March 11 disasters.
Finance Minister Yoshihiko Noda yesterday stepped up his rhetoric against the yen’s rise, suggesting the government would act to counter speculative moves after the unit hit a post-war high against the dollar last Friday.
“I’m worried that recent one-sided yen moves have been strengthening,” Noda told reporters yesterday.
“I will take decisive actions if necessary without excluding any possible measures, while watching even more closely if there are any speculative movements,” he said. The stronger yen threatens the profitability of Japanese exporters, prompting concerns that they may be forced to accelerate the shift of production abroad in order to maintain competitiveness.
The yen’s rise cut Toyota’s operating profit by 50 billion yen (US$650 million) in April-June and the car maker is considering importing more foreign parts for domestic car assembly, having already moved some production to places such as Thailand. – AFP.
Online Reporter