Many firms consider the yen’s excessive fall undesirable, BOJ official says By Reuters

By Leica Kihara

TOKYO (Reuters) – Many companies in western Japan found the yen’s excessive declines undesirable, Kazushige Kamiyama, head of the Bank of Japan’s Osaka branch, said on Monday.

“A fair number of firms seem to share the view that it was problematic for the yen to fall too much,” he told a news conference after attending the BOJ’s quarterly meeting of regional branch managers.

“Opinions varied, however, on whether the yen should appreciate further. What firms agreed on was that exchange rate fluctuations should be moderate,” said Kamiyama, who oversees the region that hosts large producers sensitive to foreign exchange market movements.

Kamiyama also said that many firms in the region are making business plans assuming that the slowdown in exports to China will continue.