The yen weakened below its 1998 trough today, with no explicit intervention in response from the Ministry of Finance. That doesn't mean it won't step in again, but it appears to be more concerned about the speed of moves than defending any specific level. Meanwhile, the reopening of the border to tourists was one focus this week but a recent surge in imports of "business services" is likely to overwhelm any economic impact. One consequence is that net exports were probably a sizeable drag on GDP growth last quarter.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.