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.
Data due out on Friday is likely to show Japan spent roughly ?9 trillion ($57.2 billion) late April through early May to slow the decline in the yen, which hit a 34-year low below ?160 to the dollar.
While the wide U.S.-Japan interest rate gap is typically blamed for the yen¡¯s declines, the currency¡¯s persistent weakness has alerted policymakers to other more fundamental drivers, such as Japan¡¯s dwindling global competitiveness.
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