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Japan-Yen/Depreciation
FILE: Tokyo, Japan - 2024 (CCTV - No access Chinese mainland)
1. Building of Bank of Japan
2. Sign of Bank of Japan
FILE: Tokyo, Japan - Date Unknown (CCTV - No access Chinese mainland)
3. Various of Japanese yen banknotes being counted
Tokyo, Japan - Recent (CCTV - No access Chinese mainland)
4. SOUNDBITE (Japanese) Hideo Kumano, chief economist, Dai-ichi Life Research Institute (starting with shot 3/partially overlaid with shots 5-6):
"In Japan, low interest rates are expected to continue for now, putting pressure on the yen's value to drop. The yen's depreciation is also due to the strong U.S. dollar. Previously, the U.S. Federal Reserve Chair Powell said that the Fed is set to cut U.S. interest rates three times this year. However, there are market concerns now that there might be fewer cuts, or even none at all this year. The strong U.S. dollar is causing a lot of money to flow into the country. The ongoing appreciation of the U.S. dollar has also led to a decrease in the value of the yen."
++SHOT OVERLAYING SOUNDBITE++
FILE: Washington D.C., USA - May 4, 2022 (CCTV - No access Chinese mainland)
5. Various of U.S. Federal Reserve building
FILE: USA - Exact Location and Date Unknown (CCTV - No access Chinese mainland)
6. Various of U.S. dollar banknotes being printed
++SHOT OVERLAYING SOUNDBITE++
FILE: Japan - 2024 (CCTV - No access Chinese mainland)
7. Various of customers shopping in supermarket
8. Food products
Tokyo, Japan - Recent (CCTV - No access Chinese mainland)
9. SOUNDBITE (Japanese) Hideo Kumano, chief economist, Dai-ichi Life Research Institute (starting with shot 8/ending with shot 10):
"For Japanese import and export businesses, the ongoing trend of yen depreciation seems endless. This will result in a continuous rise in import prices, posing significant challenges. If the yen continues to depreciate, Japanese assets may be increasingly shifted overseas."
10. Various of traffic, pedestrians
11. SOUNDBITE (Japanese) Tokyo resident (name not given) (starting with shot 10/ending with 12):
"I work at a bakery, and now bread prices have gone up. The bakery manager says the costs of ingredients has kept rising. It's been tough."
12. Various of pedestrians
13. SOUNDBITE (Japanese) Tokyo resident (name not given) (starting with shot 12):
"When I go to the supermarket, I can clearly feel that prices for food and other items have gone up."
14. Pedestrians
15. SOUNDBITE (Japanese) Tokyo resident (name not given) (start with shot 14):
"For those living here, life is quite tough. Our wages haven't gone up, and even though I'm retired, I still do odd jobs."
16. Traffic
17. Pedestrians
Tokyo, Japan - April 11, 2024 (CCTV - No access Chinese mainland)
18. Various of screen at Japan Exchange Group showing data
Tokyo, Japan - Recent (CCTV - No access Chinese mainland)
19. SOUNDBITE (Japanese) Hideo Kumano, chief economist, Dai-ichi Life Research Institute (starting with shot 18/ending with shot 20):
"Although the Japanese government wants to halt the yen's further depreciation in the foreign exchange market, and claims it can control currency fluctuations, the actual flow of significant private funds is influenced by the monetary policies of both the U.S. and Japan. As a result, it has become challenging to prevent the yen from depreciating further and the U.S. dollar from appreciating."
20. Various of traffic
The Japanese yen's rapid depreciation, primarily affected by the widening interest rate gap between the yen and the U.S. dollar, is set to lead to greater economic uncertainty in Japan, said a Japanese economist.
On Thursday, the yen fell to 155.74 against the U.S. dollar in Tokyo, breaking the threshold of 155 and hitting a fresh 34-year low.
"In Japan, low interest rates are expected to continue for now, putting pressure on the yen's value to drop. The yen's depreciation is also due to the strong U.S. dollar. Previously, the U.S. Federal Reserve Chair Powell said that the Fed is set to cut U.S. interest rates three times this year. However, there are market concerns now that there might be fewer cuts, or even none at all this year. The strong U.S. dollar is causing a lot of money to flow into the country. The ongoing appreciation of the U.S. dollar has also led to a decrease in the value of the yen," said Hideo Kumano, chief economist at the Dai-ichi Life Research Institute in Japan, in a recent video interview.
In addition, Kumano warned that the rapid depreciation of the yen could pose challenges for Japanese import and export firms. Given Japan's heavy reliance on imports for essentials like energy, minerals and food, higher import costs are likely to increase the living expenses for Japanese people.
"For Japanese import and export businesses, the ongoing trend of yen depreciation seems endless. This will result in a continuous rise in import prices, posing significant challenges. If the yen continues to depreciate, Japanese assets may be increasingly shifted overseas," said Hideo Kumano.
Due to the persistent depreciation of the yen and the rising cost of living in Japan, many people are feeling the strain on their daily life.
"I work at a bakery, and now bread prices have gone up. The bakery manager says the costs of ingredients has kept rising. It's been tough," said a Tokyo resident.
"When I go to the supermarket, I can clearly feel that prices for food and other items have gone up," said a Tokyo resident.
"For those living here, life is quite tough. Our wages haven't gone up, and even though I'm retired, I still do odd jobs," said a Tokyoite.
According to Kumano, the yen's significant depreciation against the U.S. dollar in the short term adds more uncertainty to Japan's economy. While the Bank of Japan is considering measures to stabilize the exchange rate, their effectiveness remains uncertain.
"Although the Japanese government wants to halt the yen's further depreciation in the foreign exchange market, and claims it can control currency fluctuations, the actual flow of significant private funds is influenced by the monetary policies of both the U.S. and Japan. As a result, it has become challenging to prevent the yen from depreciating further and the U.S. dollar from appreciating," said Kumano.
Japan-Yen/Depreciation
Dateline : Recent/April 11, 2024/File
Location : Japan;United States
Duration : 2'24
FILE: Tokyo, Japan - 2024 (CCTV - No access Chinese mainland)
1. Building of Bank of Japan
2. Sign of Bank of Japan
FILE: Tokyo, Japan - Date Unknown (CCTV - No access Chinese mainland)
3. Various of Japanese yen banknotes being counted
Tokyo, Japan - Recent (CCTV - No access Chinese mainland)
4. SOUNDBITE (Japanese) Hideo Kumano, chief economist, Dai-ichi Life Research Institute (starting with shot 3/partially overlaid with shots 5-6):
"In Japan, low interest rates are expected to continue for now, putting pressure on the yen's value to drop. The yen's depreciation is also due to the strong U.S. dollar. Previously, the U.S. Federal Reserve Chair Powell said that the Fed is set to cut U.S. interest rates three times this year. However, there are market concerns now that there might be fewer cuts, or even none at all this year. The strong U.S. dollar is causing a lot of money to flow into the country. The ongoing appreciation of the U.S. dollar has also led to a decrease in the value of the yen."
++SHOT OVERLAYING SOUNDBITE++
FILE: Washington D.C., USA - May 4, 2022 (CCTV - No access Chinese mainland)
5. Various of U.S. Federal Reserve building
FILE: USA - Exact Location and Date Unknown (CCTV - No access Chinese mainland)
6. Various of U.S. dollar banknotes being printed
++SHOT OVERLAYING SOUNDBITE++
FILE: Japan - 2024 (CCTV - No access Chinese mainland)
7. Various of customers shopping in supermarket
8. Food products
Tokyo, Japan - Recent (CCTV - No access Chinese mainland)
9. SOUNDBITE (Japanese) Hideo Kumano, chief economist, Dai-ichi Life Research Institute (starting with shot 8/ending with shot 10):
"For Japanese import and export businesses, the ongoing trend of yen depreciation seems endless. This will result in a continuous rise in import prices, posing significant challenges. If the yen continues to depreciate, Japanese assets may be increasingly shifted overseas."
10. Various of traffic, pedestrians
11. SOUNDBITE (Japanese) Tokyo resident (name not given) (starting with shot 10/ending with 12):
"I work at a bakery, and now bread prices have gone up. The bakery manager says the costs of ingredients has kept rising. It's been tough."
12. Various of pedestrians
13. SOUNDBITE (Japanese) Tokyo resident (name not given) (starting with shot 12):
"When I go to the supermarket, I can clearly feel that prices for food and other items have gone up."
14. Pedestrians
15. SOUNDBITE (Japanese) Tokyo resident (name not given) (start with shot 14):
"For those living here, life is quite tough. Our wages haven't gone up, and even though I'm retired, I still do odd jobs."
16. Traffic
17. Pedestrians
Tokyo, Japan - April 11, 2024 (CCTV - No access Chinese mainland)
18. Various of screen at Japan Exchange Group showing data
Tokyo, Japan - Recent (CCTV - No access Chinese mainland)
19. SOUNDBITE (Japanese) Hideo Kumano, chief economist, Dai-ichi Life Research Institute (starting with shot 18/ending with shot 20):
"Although the Japanese government wants to halt the yen's further depreciation in the foreign exchange market, and claims it can control currency fluctuations, the actual flow of significant private funds is influenced by the monetary policies of both the U.S. and Japan. As a result, it has become challenging to prevent the yen from depreciating further and the U.S. dollar from appreciating."
20. Various of traffic
The Japanese yen's rapid depreciation, primarily affected by the widening interest rate gap between the yen and the U.S. dollar, is set to lead to greater economic uncertainty in Japan, said a Japanese economist.
On Thursday, the yen fell to 155.74 against the U.S. dollar in Tokyo, breaking the threshold of 155 and hitting a fresh 34-year low.
"In Japan, low interest rates are expected to continue for now, putting pressure on the yen's value to drop. The yen's depreciation is also due to the strong U.S. dollar. Previously, the U.S. Federal Reserve Chair Powell said that the Fed is set to cut U.S. interest rates three times this year. However, there are market concerns now that there might be fewer cuts, or even none at all this year. The strong U.S. dollar is causing a lot of money to flow into the country. The ongoing appreciation of the U.S. dollar has also led to a decrease in the value of the yen," said Hideo Kumano, chief economist at the Dai-ichi Life Research Institute in Japan, in a recent video interview.
In addition, Kumano warned that the rapid depreciation of the yen could pose challenges for Japanese import and export firms. Given Japan's heavy reliance on imports for essentials like energy, minerals and food, higher import costs are likely to increase the living expenses for Japanese people.
"For Japanese import and export businesses, the ongoing trend of yen depreciation seems endless. This will result in a continuous rise in import prices, posing significant challenges. If the yen continues to depreciate, Japanese assets may be increasingly shifted overseas," said Hideo Kumano.
Due to the persistent depreciation of the yen and the rising cost of living in Japan, many people are feeling the strain on their daily life.
"I work at a bakery, and now bread prices have gone up. The bakery manager says the costs of ingredients has kept rising. It's been tough," said a Tokyo resident.
"When I go to the supermarket, I can clearly feel that prices for food and other items have gone up," said a Tokyo resident.
"For those living here, life is quite tough. Our wages haven't gone up, and even though I'm retired, I still do odd jobs," said a Tokyoite.
According to Kumano, the yen's significant depreciation against the U.S. dollar in the short term adds more uncertainty to Japan's economy. While the Bank of Japan is considering measures to stabilize the exchange rate, their effectiveness remains uncertain.
"Although the Japanese government wants to halt the yen's further depreciation in the foreign exchange market, and claims it can control currency fluctuations, the actual flow of significant private funds is influenced by the monetary policies of both the U.S. and Japan. As a result, it has become challenging to prevent the yen from depreciating further and the U.S. dollar from appreciating," said Kumano.
ID : 8374088
Published : 2024-04-26 15:02
Last Modified : 2024-04-27 16:30:32
Source : China Central Television (CCTV)
Restrictions : No access Chinese mainland
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