Against the backdrop of the Japanese yen exchange rate depreciating to the 1 dollar against the 140 yen mark after about 23 years, Japanese companies are strengthening their return to Japan in terms of production and procurement. Hitachi Production decided to increase the export ratio of white appliances made in China, while Japanese catering company "Hamin" is preparing to change part of the beef used in the roasted butcher shop to Japanese products. Focusing on the long-term devaluation of the yen, the trend of reevaluating Japan's domestic production bases and procurement networks may expand.
Hitaki produces washing machines and refrigerators and other home appliances in Ibaraki and Tochigi in Japan. Among the domestically produced home appliances in Japan, the proportion used for export is only 6 to 7%, but it will increase to more than 10% in the fiscal year 2022 (as of March 2023). Hitachi will export high-function washing machines, refrigerators and vacuum cleaners for the wealthy class of mainland China and Taiwan, which are increasingly popular in Japanese products, and believes that exports will increase by about 60%.
Miki Watanabe, president and president of Japanese catering company "Haramin", said that "commercial procurement in Japan has become more favorable than the United States and Australia." The beef of Wagyu beef brand used by "Haramon", is expanding procurement from domestic breeders in Japan. Focusing on the depreciation of the yen, in order to purchase at the exchange rate as favorable as possible, the signing of a contract for Thai chicken will also be accelerated. "Hemin" believes that the current situation of Japanese bank , which cannot raise interest rates under the inflation , has surfaced, and the credibility of the yen is declining and action will be accelerated.
Nikkei Shimbun (Chinese version: Nikkei Chinese website) A questionnaire survey of 100 Japanese entrepreneurs implemented in June showed that in view of the exchange rate level of the rapid depreciation of the yen, from the perspective of manufacturing companies that believe that exports will benefit, the total of "favorable" and "visible favorable" reached 70.0%, exceeding the total of "unfavorable" and "visible unfavorable". Taking the oil and gas company INPEX as an example, if the yen depreciates by 1 yen, it will bring a profit growth of 1.4 billion yen from July to December 2022. "Generally speaking, it is beneficial to performance."
also has tourism industries that focus on the increase in foreign tourists visiting Japan and regard the depreciation of the yen as a positive factor. Hiroji Shibada, president of ANA Holdings, one of Japan's two major airline companies, said, "The depreciation of the yen is an excellent opportunity for tourists visiting Japan." While worrying about the increase in fuel costs, "heavy look forward to the relaxation of port management comparable to other countries in G7 ( G7 ).
Of course, many views believe that on the whole, the drastic fluctuations in the exchange rate have negative effects. Hideichi Ishihashi believes that if the fluctuation is so huge, it will be very difficult to operate." The company "is completely insisting on eliminating the impact of exchange rate and discussing sales conditions" to avoid the impact of operating judgments being affected by the depreciation of the yen, saying that "to realize that change has become the norm, we can only establish a stable business system that can be dealt with."
Many voices in Japan are concerned about the impact of rising prices on consumption caused by the increase in import prices. Sadashi Takezumi, president of convenience store chain Rosen , said: "The recent exchange rate trend is unstable and has negative impacts." The number of customers in the convenience store industry in Japan has not yet recovered to the level before the new crown epidemic, saying that "there is a risk of consumption decline. It is necessary to do everything possible to deal with it."
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