Statement by Yasuchika Hasegawa, Chairman of Keizai Doyukai
“On the Government and BOJ action against Strong Yen”
August 4, 2011
Chairman, Keizai Doyukai
I highly appreciate the Japanese government's intervention against the strong yen and the Bank of Japan's decision to concurrently further monetary easing.
While there has been U.S. concerns related to debt and possible further recession, the yen has appreciated excessively, and this continuing trend fails to reflect the tough reality facing the Japanese economy particularly following the Great East Japan Earthquake.
The speedy restoration of supply chains following the Great East Japan Earthquake has been alleviating supply shortages and reviving Japanese exports, however the yen's sharp rise at such a time is likely to hamper the economic recovery in Japan.
Therefore, I urge the Japanese government and BOJ to continue carefully watching the trends of the exchange market and to take action as appropriate.