VOA慢速英语：日元对美元升值
The Japanese yen has risen to its highest value inrelation to the United States dollar in one and one halfyears.
The yen is increasing in value on foreign exchangemarkets; yet Japanese finance officials have supportedpolicies aimed at limiting its rise.
The appreciating value of the yen could hurt Japan’s efforts to increase inflation in the country. Some experts think rising prices could strengthen economic growth in the world’s third largest economy.
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| Employees of a foreign exchange trading company work under monitors displaying the exchange rates between the Japanese yen and the U.S. dollar. Japan's efforts to start economic growth have caused its currency, the yen, to rise in value against the dollar. |
Japan’s money has traded at about 111 yen to one U.S. dollar in recent days. The yen has also risen in value against other major currencies, including the euro.
The yen’s value has increased almost nine percent on foreign exchange markets this year. That is the biggest increase among the Group of 10 industrial countries during that period.
The group includes Belgium, Britain, Canada, France, Germany, Italy and Japan. The Netherlands, Sweden, Switzerland and the United States are also members.
The Group of 10 has agreed to cooperate on economic and monetary issues with the International Monetary Fund.
Japanese officials have said they may be willing to take additional measures to fight the rising value of the yen.
Japan's Chief Cabinet Secretary Yoshihide Suga.Japanese Chief Cabinet Secretary Yoshihide Suga said the government is closely watching changes in foreign exchange values.
The governor of Japan’s central bank, Haruhiko Kuroda, has repeatedly said that the Bank of Japan may cut interest rates it controls.
Demand for widely traded currencies like the yen of ten increases when stock prices drop. That can cause the value of suchcurrencies to rise on international markets.
However, the Bloomberg News service reports that the currencies of commodity-exporting countries like Australia and South Africa have dropped in value. Such countries sell a large amount of agricultural products and unprocessed minerals to overseas buyers.
The Bank of Japan is seeking to raise inflation to a target rate of two percent ayear. The bank has increased the amount of money available to privateJapanese banks.
The Bank of Japan also has set a negative interest rate for the money commercial banks hold with it. Both moves are meant to encourage banks to lend more to businesses and individuals.
However, Japan’s rate of inflation remains near zero percent. That can be asign of limited demand for goods and services.
The Swiss franc has also increased in value against the U.S. dollar. Thatincreases the cost of the country’s exports and may hurt Switzerland’seconomic competitiveness.
The president of Switzerland’s central bank said his bank’s policy of negative interest rates has been “indispensable” for limiting the rising value of the franc.
I’m Mario Ritter.
Words and Their Stories
encourage – v. to make someone or some group more likely to do something
indispensable – adj. extremely important, cannot do without
appreciating – adj. to increase in value
currencies – n. money that a country uses for financial transactions
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