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).