Reuters reports that the head of Japan’s largest business lobby has said that a lasting strength in the yen against the dollar could force the country’s exporters to lower their profit forecasts for next year.
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“(The dollar) has come down to nearly 100 yen,” Hiroshi Okuda, chairman of the Japan Business Federation (Keidanren), told a regular news conference in remarks reported by Reuters.
“If the (yen’s strength) is extended over a long period, it would have a big impact on exporters. I’m not sure about any impact now, but if the current situation continues we can expect downward profit revisions next year.”
Okuda, who also is chairman of Toyota Motor Corp., added, however, that he was not in a position to ask the Japanese government or Bank of Japan to take any action on currency rates, Reuters said.
