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BOJ's Kuroda says weak yen may push up cost of living, hurt households more than before

Thursday, December 23, 2021
BOJ's Kuroda says weak yen may push up cost of living, hurt households more than before © Reuters. FILE PHOTO: Bank of Japan (BOJ) Governor Haruhiko Kuroda attends a news conference at the BOJ headquarters in Tokyo, Japan July 30, 2019. REUTERS/Kim Kyung-Hoon/File Photo

By Leika Kihara

TOKYO (Reuters) -Bank of Japan (BOJ) Governor Haruhiko Kuroda said on Thursday a weak yen may be hurting households more than in the past, as the country's increasing reliance on more expensive raw material imports pushes up the cost of living.

Kuroda's remark, made at a conference in the Japanese capital, is his most direct acknowledgement to date of the potential disadvantages of a weak yen, highlighting a growing concern among policymakers of the hit to Japan's fragile recovery from a steady rise in input costs.

"The yen's depreciation might have an increasing negative impact on household income through price rises," Kuroda told a gathering of business leaders.

He repeated his view that overall, the benefits of a weak yen outweigh the drawbacks - yen declines make Japanese goods more competitive overseas, and boost yen-based profits that companies earn overseas.

Still, he said, a weak yen can hurt households and domestic retailers by pushing up import costs, a trend that may be intensifying due to Japan's increasing reliance on imports.

"A quantitative analysis by the Bank's staff shows that the effects of the yen's depreciation in terms of pushing up prices of durable goods have increased in recent years," Kuroda said.

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24-01-2022 06:29:05 (UTC+7)

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 EUR/USD1.1312↑ Sell
 GBP/USD1.3494↑ Sell
 USD/JPY113.74Sell
 AUD/USD0.7133↑ Sell
 USD/CAD1.2614↑ Buy
 EUR/JPY128.65↑ Sell
 EUR/CHF1.0317↑ Sell
 Gold1,837.15↑ Sell
 Silver24.055↑ Sell
 Copper4.4355↑ Sell
 Crude Oil WTI84.80↑ Sell
 Brent Oil86.82↑ Sell
 Natural Gas3.764↑ Buy
 US Coffee C233.58Neutral
 Euro Stoxx 504,144.15↑ Sell
 S&P 5004,397.93↑ Sell
 DAX15,325.50↑ Sell
 FTSE 1007,406.32↑ Sell
 Hang Seng24,656.46↑ Buy
 Small Cap 20001,987.92Buy
 IBEX 358,529.29↑ Sell
 BASF65.120↑ Sell
 Bayer51.14↑ Buy
 Allianz219.57Neutral
 Adidas245.57↑ Sell
 Lufthansa6.741Buy
 Siemens AG141.05↑ Sell
 Deutsche Bank AG11.084↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,210
(50/ 50) # 1,154
SJC HCM6,150/ 6,210
(27/ 17) # 1,155
SJC Hanoi6,150/ 6,212
(27/ 17) # 1,157
SJC Danang6,150/ 6,212
(27/ 17) # 1,157
SJC Nhatrang6,150/ 6,212
(27/ 17) # 1,157
SJC Cantho6,150/ 6,212
(27/ 17) # 1,157
Cập nhật 24-01-2022 06:29:08
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GBP29.901,5831.178,49
JPY193,25204,57
KRW16,4019,98
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