Analyst: Yen appreciation may hinder the recovery of the Japanese stock market

On September 3, Kinji Data reported that Masayuki Doshida, an analyst at the Rakuten Securities Economic Research Institute, said that the exchange rate of the Japanese yen could be a “shackle” on Japanese stock prices. Doshida said that if the yen’s appreciation exceeds the average hypothetical range shown in the Bank of Japan’s short-term survey, concerns about corporate profits may intensify. Bank of Japan data shows that all surveyed companies expect the USD/JPY exchange rate to be 144.77 in the fiscal year ending in March 2025.

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