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The U.S. dollar was trading at nearly 96 yen at midday Thursday compared with upper 70s levels last fall. The administration of Prime Minister Shinzo Abe favors a weaker currency to help make Japan's exports more competitive in overseas markets, and market expectations of monetary easing have pulled the yen lower against the dollar and other major currencies. Abe has pledged to boost Japan's competitiveness and push ahead with difficult reforms needed to sustain growth in the longer run, while at the same time stimulating demand at home through higher public works spending. Recent data suggest the economy may already have emerged from recession, but resource-scarce Japan's need to import almost all the energy it uses, and many other commodities, have eaten into its perennial trade surpluses.
[Associated
Press;
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