The excessive strength in the yen that damaged Japanese manufacturing in recent years has now been corrected, according to an ally of Bank of Japan Gov. Haruhiko Kuroda.
¡°The abnormally strong yen has been corrected,¡± said Yutaka Harada, who joined the central bank¡¯s Policy Board in March. The currency ¡°may have come to a very good place,¡± Harada, 64, said in an interview on Thursday in Tokyo.
Harada¡¯s remarks underscore that Japanese policymakers aren¡¯t seeking further declines in the currency, which on a trade-weighted basis is now back where it was before the Lehman Brothers meltdown of September 2008. Since reaching a postwar high of 75.35 in 2011, the yen has fallen 40 percent, aided by unprecedented monetary easing that Kuroda is using to reflate the world¡¯s third-biggest economy.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.