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Last Week in Japanese News 10/23/2022-10/29/2022 [1]

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Date: 2022-10-30

Hello, this is RWPOINTWOMAN, and in spite of my middling understanding of Japanese, I can interpret Japanese articles from the Easy Japanese news reader app OK.

On with the show!

October 23, 2022:

Japanese government says, "We suppose the monthly rate for electricity will be ¥2,000-¥3,000", discusses electric bill burden reduction. (Asahi)

Minister of Economy, Trade, and Industry Nishimura revealed on October 21 regarding the establishment of assistance for reducing the burden of electricity cost next January that he supposes that the monthly increase will be ¥2,000-¥3,000. Minister of Economy, Trade, and Industry Nishimura: "If we assume a price increase of ¥2,000-¥3,000 and it is calculated by a computer, we will keep the share of expenses in mind while working to end the price hike." The Japanese government will establish a new support system in order to ease the burden of electricity costs. Minister Nishimura revealed regarding the support system aimed at households that prediction of the degree of increase of the price of electricity and discussion continue. According to several people connected with this, ways of discounting the price depending on electricity usage are being studied.

Did the Japanese government deliberately buy yen to make it go from $1=¥152 to $1=¥146? (Asahi)

As the cheapening of the yen continued, the exchange rate for the yen has moved from ¥152 to the dollar by over ¥5 and this is believed to be the result of foreign exchange intervention by the Japanese government. On the night of October 21, the exchange rate reached $1.00=¥151.94, a low not reached in the 32 years since 1990. Afterwards, there was a complete turnaround and a rapid purchase of yen and it rose to ¥146 in the first half of October 22. After a few hours, it moved ¥5. The observation that the Japanese government might have bought yen has been made.

That's all for now.

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