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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (17701)12/5/2004 4:55:24 PM
From: RealMuLan  Read Replies (1) of 116555
 
Japan wrestles with stronger yen dragons
December 5, 2004

Tokyo- The Japanese yen's rise to a four-year high against the dollar threatens to stifle an export-led recovery in the world's second-largest economy and extend more than six years of deflation.

Manufacturers including car maker Toyota Motor and Fuji Heavy Industries said the yen's gains caused a decline in profits in the quarter to September 30.

The dollar fell as far as ¥102.01 last week, its worst level since January 2000. Any level below ¥would further reduce the profit of exporters, said Hiroshi Okuda, the head of the Japan Business Federation.

Japan's 18-month expansion is already faltering. The economy grew 0.1 percent last quarter, the slowest pace in more than a year.

Shuji Shirota, an economist at Dresdner Kleinwort Wasserstein in Tokyo, said the yen's 6.6 percent gain in the past three months might contribute to a contraction in the fiscal year starting on April 1.

...

Lehman Brothers Holdings, the most accurate forecaster of exchange rates in a Bloomberg News survey last quarter, cut its dollar forecast on November 20, saying it now expected the dollar to weaken to ´92 in 12 months. - Bloomberg
busrep.co.za
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