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Inflation Hits Japan As Weak Yen Pinches Tokyo Businesses
Posted
April 28, 2022
Views
11,675
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76
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April 28, 2022
11,675
76
22
0.84%
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2:42Now PlayingAs if the war in Ukraine, Covid-related disruptions and higher material costs weren’t enough, Japan’s retailers now have to contend with a weaker yen that’s raising import prices and forcing them to deal with a phenomenon unseen for the better part of three decades: inflation.
“It’s a double punch,” beer importer Tsutomu Kobayashi said of the sinking currency, adding that his sales have slumped to a third of where they were two years ago.
“With the weaker yen, nothing is going well for us.”
Other businesses including a steak chain that cooks American beef and a sushi bowl shop that uses Norwegian salmon also feel the pain of trying to survive the latest hurdle without losing customers.
The Japanese yen hit its weakest level against the U.S. dollar in about 20 years this month.
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