This is refreshing to say the least.
Rather than harping on the same old weak-yen policy, one Japanese official is suggesting that Japan should embrace its strengthening currency:
“Japan should change its structure to raise living standards using the strong yen,” by encouraging overseas mergers and acquisitions and purchasing mining rights for natural resources, Kazuo Mizuno, deputy director-general of economic assessment at the Cabinet Office, said in an interview in Tokyo today.
“Japan had to put out the fire” by selling the yen, he said. U.S. policies indicate the currency trend won’t be reversed soon so “Japan should expect the dollar to remain weak in the mid-term,” he said.
He’s right about overseas acquisitions. A stronger yen makes foreign companies and other assets much cheaper, and is a great way to embrace the stronger yen rather than keep fighting it just to squeeze some margin for the same old Japanese export players.
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