‘Rapid’ rise of yen a cause for worry, says Japan finance minister

Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession.

The yen’s rise came after Japan’s economy is bottoming out from its steepest decline, with the government considering restarting the economy while preventing a second wave of coronavirus infections.

The yen steadied at 107 against the dollar under Prime Minister Shinzo Abe’s leadership.

The dollar fell to a 4 ½-month low of 104.52 per yen on Friday as investors feared that the rising COVID-19 cases in the United States could stall its economic recovery.

A government panel said that Japan’s economy peaked in October 2018 and then fell into recession. This suggested that the world’s third-largest economy was struggling even before the coronavirus outbreak. 

Added exports account for no more than 20% of Japan’s economy, suggesting that the yen’s rise won’t have a sudden impact on its economy. However, Aso’s warning emphasized the government’s efforts to boost external demand.


ByteDance to list its China businesses in Hong Kong or Shanghai

On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...

Caterpillar reports its second-quarter earnings

On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter of ...

Dollar sees record slump as U.S. recovery hopes lose steam

The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...

Oil prices rebounds from record lows amid looming headwinds from the pandemic

Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 per ...

Bank of England to keep policy on hold due to gloomy economic forecast

The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
Contattaci con noi