Japan business lobby to discuss negative impact of weak yen -Yomiuri

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FILE PHOTO: Japanese yen coins and banknotes are seen in this photo taken on June 16, 2022. REUTERS/Florence Lo/Illustration/File Photo Get license rights

TOKYO, Nov 28 (Reuters) – Japan’s top trade lobby Keidanren will discuss the negative impact of the yen’s weakness on the economy at an executive meeting next month, the Yomiuri newspaper reported on Tuesday.

Keidanren, which includes major companies including large automobile and electronics companies, typically favors a weak yen and has called on the government to increase the yen sharply, which would make Japanese exports uncompetitive.

Any discussion of the benefits of a weaker yen in Kidanren reflects a shift in how the Japanese business sector views currency movements and their impact on the economy.

The informal executive meeting on Dec. 4 will reflect concerns among some member companies about those weaknesses and will influence the lobby’s policy proposals in the future, Yomiuri said, without citing the sources.

The shift in Keidanren’s stance could heighten calls from the business sector for the Bank of Japan to end ultra-low interest rates, which have been blamed for accelerating the yen’s decline, the paper said.

Caidanren was not immediately available for comment when contacted by Reuters.

Reporting by Leika Kihara and Tetsushi Kajimoto; Editing by Christopher Cushing

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