Economics
Yen Surge Threatens to Wipe Out Japan’s Recovery From Quake
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The yen’s biggest monthly advance since 2008 is threatening profits of exporters from Nissan Motor Co. to Sony Corp., endangering the nation’s rebound from March’s record earthquake.
The currency was at 77.41 per dollar at 6:04 p.m. in Tokyo, 7 percent higher than the 82.59 average exporters used in profit forecasts in a Bank of Japan survey released last month. Toyota Motor Corp. sees a yen stronger than 80 as a brake on growth and Finance Minister Yoshihiko Noda said today the yen is overvalued.