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Japanese Companies Want Weaker Yen

Written: 2012-04-02 13:22:00Updated: 2012-04-02 15:59:55

Japanese Companies Want Weaker Yen

Bloomberg reports that Japanese corporations are not yet satisfied with the already weakened yen.

The U.S.-based financial news agency said Japanese carmakers and electronics companies are pressuring the Bank of Japan to weaken the yen even further.

Bloomberg reported Japanese automaker Toyota said it loses about 32 billion yen in operating income for every one-yen gain against the greenback, basing its profit forecast for fiscal year 2011 on an exchange rate of 78 yen to the dollar.

President of Japanese electronic company Sharp, Takashi Okuda, also said that a weaker yen is a plus but the 80 yen-level is still burdensome.

The yen-dollar rate dropped to a record of 76-point-91 yen per dollar late last year. But it climbed to 84-point-18 yen per greenback on March 15th.

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