As demand for Japan’s exports weakens due largely to the recent appreciation of the yen, the Japanese government has downgraded its outlook for the economy. Describing the economy as “pausing” the government said that exports are faltering with demand in Asia in particular growing softer.
Despite its best efforts to reduce the attraction of the yen through a series of market interventions, the yen remains at a 15-year high against the dollar. At the close of markets in Tokyo, the yen was trading at 81.44 yen to the dollar, just off the high of 81.27 yen.
Source: BBC News
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