Reuters Corporate Survey shows:
- More than three-quarters of Japanese firms say the yen has declined to point of being detrimental to their business
- almost half of companies expecting a hit to earnings
- companies are more worried about how it inflates fuel and raw material imports, which are already soaring due to the war in Ukraine. A decades-long shift to producing more goods overseas has also muted a weak yen's benefits.
- also showed almost 60% think the government should move quickly to restart nuclear reactors, evidence that higher energy costs - driven in part by the currency's slide - may be changing opinion on nuclear policy
here is the link for more. None of this is surprising, we've been hearing similar for weeks/months and we've been getting officials bemoaning the currency drop for weeks/months also.
When do we get more than official jawboning? Good question. Here's an attemtped answer:
USD/JPY intervention unlikely ahead of 130
Weekly candles USD/JPY. Long's ain't bitchin'!
