In the last few weeks, the yen has ended its rally and depreciated slightly, but is still hovering around its all-time high. By 15 December, the yen was trading at 77.9 JPY per USD, which represents a 1.2% depreciation versus the US over the previous month. However, on a year-on-year basis, the yen has appreciated a nominal 7.7%. The Japanese currency has appreciated a nominal 5.6% so far this year versus the US dollar, as investors see the yen as a safe haven amid Europe's sovereign debt crisis and global uncertainties. The persistent appreciation of the yen exacerbates exporters' competitive position at a time when they have to cope with the adverse effects of a slowing global economy In order to counteract the strengthening of the yen, the Bank of Japan has already intervened in the foreign exchange market three times this year.
Japan Exchange Rate
Japanese yen weakens but still remains at uncomfortably high level
December 15, 2011
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Japan Economic News
October 24, 2016
The Nikkei Flash Manufacturing Purchasing Managers’ Index (PMI) rose from September’s revised 50.4 (previously reported: 50.3) to 51.7 in October.
October 24, 2016
In September, nominal exports valued in yen declined 6.9% from the same month last year, which followed August’s 9.6% decline.
October 12, 2016
Core machinery orders (a leading indicator of capital spending over a three- to six-month period) declined for the first time in three months in August.
October 4, 2016
Consumer sentiment rose from August’s 42.0 to 43.0 in September.
October 3, 2016
According to the Bank of Japan’s quarterly TANKAN business survey, sentiment among large manufacturers was stable at 6 in Q3.