Kishida stresses need to tackle yen weakness

Friday, 20. May 2022 12:28

Japanese Prime Minister Fumio Kishida said on Friday that "a rapid change in foreign exchange rates is undesirable from anyone's point of view" as he considers measures to stabilize the yen. The Japanese currency plunged to a 20-year low compared to the dollar as the Bank of Japan keeps interest rates low.

"The lives of people and operations of businesses are impacted by elevated prices of commodities amid the weak yen," Kishida told Nikkei. He stated the government will pursue policies that will affect the yen in the longer term, including "reducing oil imports, promoting renewable energy development, restarting idled nuclear power plants and boosting inbound tourism."

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