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Prices at the Pumps - May 29, 2024 #saltwire #pricesatthepumps #gasprices #fuel #canadaTOKYO - Japanese policymakers are turning their attention to more structural economic factors behind persistent yen declines, convinced that market intervention is limited in its ability to reverse the currency's broader slide.
"The Japanese themselves are no longer investing in Japan. Profits earned overseas are not returning home and reinvested aboard, while inbound foreign direct investment remains small," a senior government official said. "Essentially, Japan's economic fundamentals must change for the currency's relative value to change," another government official said. Exchange-rate intervention can hamper speculative moves but cannot reverse the yen's long-term weakness, nor is it designed to do so, the official said.Japan ran a current account surplus around 21 trillion yen last year, MOF data showed, a sign the country still earns more money than it spends overseas.
Japan now offsets the trade deficit with an increase in surplus in primary income from securities and direct investment overseas, as more firms embark on acquisitions of foreign firms in pursuit of growth abroad. In cash flow terms, Japan might have suffered a current account deficit last year as its primary income surplus likely was not enough to offset payments for trade and services, he said.
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