TOKYO: Japan's government and central bank must guide policy by taking into careful consideration the recent yen weakness that is hurting consumption, the government's top economic council said on Monday (Jul 29).
FILE PHOTO: The Japanese national flag waves at the Bank of Japan building in Tokyo, Japan March 18, 2024. REUTERS/Kim Kyung-Hoon/File PhotoTOKYO: Japan's government and central bank must guide policy by taking into careful consideration the recent yen weakness that is hurting consumption, the government's top economic council said on Monday .
"It's important for the government and Bank of Japan to guide policy with a close eye on recent yen declines," the council said in the statement presented at its meeting on Monday. The yen briefly hit a 38-year low of 161.96 to the dollar earlier in July, down 14 per cent from the start of this year, triggering yen-buying intervention by Japanese authorities. It has recouped some of the losses to hover at 154.09 on Monday.
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