Word: yen
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With Japan's recession deepening, the country's central bank could intervene in currency markets for the first time since 2004, in a bid to prevent further appreciation of the yen - a rise that is hammering Japan's export-driven businesses...
...yen hit a 13-year high against the U.S. dollar last month. While the Japanese currency has weakened somewhat recently, Bank of Japan governor Masaaki Shirakawa said Sunday that currency-market intervention was possible if the yen's rise resumes. "The strong yen at a time of rapid decline in the global economy has a big negative impact on our economy in the short term," Shirakawa said. (See pictures of Japan and the world...
...primary concern is the financial health of major Japanese exporters such as Toyota, Honda and Sony. Many of Japan's most important companies are hurting as a result of collapsing demand and the soaring yen, which has risen 15% against the dollar over the past 12 months. A strong yen makes Japanese products more expensive, and hence less competitive, in overseas markets...
...company's 70 years. The carmaker also plans to suspend production at all 12 of its Japanese factories for 11 days in February because consumers worldwide aren't buying. Masafumi Yamamoto, head of foreign-exchange strategy for Japan at Royal Bank of Scotland, says a 10% appreciation of the yen slashes the GDP growth rate by 0.3 to 0.4 percentage points...
...from larch trees to create gas that powers the farm's milk and cheese operations. The bark of other trees is also made into pellets for heating stoves used throughout the community. A local winery, for instance, has two such stoves, and Kuzumaki pays residents up to 50,000 yen ($490) toward the cost of installing one. All told, clean energy generated 161% of Kuzumaki's electricity last year...