The Yen Is Too Damn High

August 30th, 2011 by invasive · 3 Comments · Currencies

The new prime minister of Japan, Yoshihiko Noda, is putting the rising value of the yen on his high-priority list. Of course, dealing with fixing the tsunami damage and nuclear accident is probably up there, somewhere.

Noda is to hold discussions with the opposition party (Liberal Democratic Party), which he needs to help him pass key legislation, including a budget that will fund the reconstruction of the Tohoku region.

Source: Financial Times

Government data highlighted the challenges Mr Noda faces as he seeks to revitalise Japan’s embattled economy while bringing its public finances under control. The jobless rate rose for the third consecutive month to 4.7 per cent in July, while consumption fell 2.1 per cent year-on-year, following a 3.5 per cent drop in June.

Wait, their unemployment rate is 4.7%? Wow, doesn’t Obama wish he could have that! (without the radiation and earthquakes, of course).

3 Comments so far ↓

  • jesse

    America sees your devaluation and raises it. What now?

  • Tysons Corner

    They need to take lessons from Bernanke and water down the value of their currency.

    Good thing the dollar is cheap right now too, now people can finally afford all those American goods we don’t produce. We better make the dollar cheaper, then we’ll really see exports of hope and fairy dust ramp up.

  • wild

    I think if he had on a Sox’s ball cap & shades…his bluff would make more sense…”2dang-hi”, is his handle on pokernet.whatever



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