Three-quarters of Japan firms bemoan current yen weakness as bad for business

TOKYO : More than three-quarters of Japanese firms say the yen has declined to the point of being detrimental to their business, a Reuters poll found, with almost half of companies expecting a hit to earnings.

The currency fell to its lowest against the dollar in about 20 years on Wednesday, slumping past 126 yen. It has pared some losses and was trading at 125.6 yen on Thursday. This month's survey was conducted between March 30 and April 8, when the yen moved between 122 and 124 to the dollar. It polled about 500 large and midsize Japanese non-financial firms, of which around half responded.Non-manufacturers, which tend to be more focused on the domestic economy, were more sensitive to the weak yen than manufacturers, but only by a thin margin, the survey showed.

Overall, 48per cent of firms expect the currency's weakness to hit earnings, with 36per cent saying it would hurt profits"somewhat" and 12per cent saying the impact would be"considerable".Many food processors and retailers expect a hit to earnings, as do many in fibre, paper and pulp manufacturing, steelmaking as well as automaking and auto parts.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japan Finance Minister says Tokyo is closely communicating with US on FX movesTOKYO :Japan will communicate closely with the United States and other countries to respond to currency moves appropriately, Finance Minister Shunichi Suzuki said, ratcheting up warnings against any sharp moves as the yen fell to six-year lows against the dollar.Speaking to reporters after a cabinet meeting,
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Exclusive-Three-quarters of Japan firms bemoan current yen weakness as bad for businessTOKYO : More than three-quarters of Japanese firms say the yen has declined to point of being detrimental to their business, a Reuters poll found, with almost half of companies expecting a hit to earnings. The results of the Reuters Corporate Survey are one of the clearest signs yet that much of Japan Inc
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Japan watchdog files new market manipulation charges against SMBC NikkoTOKYO : Japan's Securities and Exchange Surveillance Commission on Tuesday filed new criminal charges with Tokyo prosecutors against SMBC Nikko Securities, a former executive and three of its employees over alleged market manipulation.The watchdog alleges that SMBC Nikko, the brokerage unit of Sumitomo Mi
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »