Japanese Business Executives Express Concerns Over Weakening Yen After Bank of Japan Policy Decision

Economic news 3:38 pm 2024-04-28

Japanese business executives are worried about the Yen weakening after the Bank of Japan decided to maintain monetary policy. Meanwhile, the Yen fell to an all-time low over the weekend.

Xinhua news agency said that The Yen has weakened to a new low since May. 1990 at a level of about 158 ​​yen per US dollar in New York. After the Bank of Japan (BOJ) decided to maintain short-term interest rates at 0-0.1%.

The policy announcement caused the yen to fall to several new lows against the dollar. and market observers see that The difference in interest rates between the United States and Japan will continue like this for some time to come.

NHK reports that Business executives in Japan have called on the BOJ to adjust policy after the yen fell against the dollar on Friday. As the tourism week or Golden Week in Japan started yesterday. The yen issue has worried Japanese tourists as foreign tourists flock to Japan.

Japan’s Golden Week ends on May 6, and Japanese people are more concerned about economic challenges than last year. It is expected that during this long holiday 23.3 million people will travel in Japan, or about 90% of the amount before the outbreak of COVID. But more than 70% of respondents choose to travel without staying overnight.

Many foreign tourists told local media that the weaker Yen makes it easier for tourists to shop and visit destinations in Japan.

By InfoQuest News Agency (28 April 2024)

Tags: BOJ , Bank of Japan , Yen

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