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Economy

Weak yen and oil rally to cost Japanese families $460 this year

Offshoring has diminished the benefit of currency's decline for manufacturers

The rapid weakening of the Japanese currency has weighed on domestic households. (Photo by Koji Uema)

TOKYO -- The yen's rapid decline coupled with soaring crude oil prices are expected to raise the expenses of the average Japanese household by 60,000 yen ($458) this year, private-sector estimates show.

Japan's currency crossed the 130 yen milestone against the U.S. dollar on Thursday for the first time in two decades. The Bank of Japan's announcement that it is sticking with its ultraloose monetary policy triggered the currency's sell-off.

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