Weak yen stokes Japanese concern over strong rise in import prices

Higher costs could hit 'most vulnerable,' says top currency diplomat

Japan is aiming to push up real wages to eliminate the deflationary mindset from its economy. (Photo by Mayumi Tsumita)

Nikkei staff writers

April 30, 2024 15:00 JST

TOKYO -- The yen surged to 154 to the U.S. dollar on Monday after falling past the 160 mark, triggering speculation the Japanese government and central bank had intervened in the market to support the nation's currency.

Although authorities have not disclosed whether they stepped in, the government has started expressing concern that the weaker yen has been driving up import costs in the East Asian country.