Weak Yen Is Helping Japan’s Recovery, Abe Adviser Says
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The yen’s weakening to a six-year low will help Japan’s economy recover from a sales-tax increase that caused the largest contraction in five years, said an adviser to Prime Minister Shinzo Abe.
“The weak yen benefits the economy by increasing corporate profits, capital spending, employment and tax revenues even if it hasn’t boosted exports,” said Koichi Hamada, 78, who helped Abe design his reflationary policies. “It’s a positive for Japan’s economy.”