Japanese business managers are concerned about the weakness of the yen after the Bank of Japan decided to maintain monetary policy. Meanwhile, the yen fell to a record low over the weekend.
Xinhua News Agency reported this and the yen fell to a new low since May. 1990 at a level of approximately 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. Market watchers say so and the interest rate differential between the US and Japan will remain that way for some time to come.
NHK reported that business managers in Japan called on the Bank of Japan to adjust its policy after the yen fell against the dollar on Friday. Yesterday, Tourism Week or Golden Week began in Japan. The yen problem has worried Japanese tourists as foreign tourists flock to Japan.
Golden Week in Japan ends on May 6, and the Japanese are more concerned about economic challenges than last year. It is expected that during this long holiday there will be 23.3 million people traveling in Japan, or approximately 90% of the number before the outbreak of the Corona virus. But more than 70% of participants choose to travel without staying overnight.
Many foreign tourists told local media that the weak yen makes it easier for tourists to shop and visit destinations in Japan.
By InfoQuest News Agency (April 28, 2024)
Tags: Bank of Japan, Bank of Japan, Yen
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