— Japan exporters expect dollar/yen at Y80.30 in Jan 2013
TOKYO (MNI) – The break-even yen exchange rate for Japanese
exporters averaged Y82.00 to the dollar in fiscal 2011 ending on March
31, firmer than Y86.30 a year before, an annual survey of firms
conducted in January by the Cabinet Office showed Tuesday.
The break-even dollar/yen exchange rate for the current fiscal year
was the lowest on record since the survey began in fiscal 1986 as the
yen hit record highs.
The break-even forex rate for automakers and other manufacturers of
transportation vehicles averaged Y83.75, down from Y89.05 seen a year
earlier. The rate for electric machinery makers averaged Y81.33, also
down from Y85.34.
The survey also showed that exporters expect the dollar/yen rate to
stand at Y80.30 in January 2013. A year ago, firms forecast that the
dollar would be at Y88.40 in January 2012.
Companies surveyed expect Japan’s economy to grow a real 1.6% in
fiscal 2012, lower than +2.0% projected by the Bank of Japan and +2.2%
forecast by the government.
Surveyed firms see GDP growth for the next three years — in a
period between fiscal 2012 and 2014 — will average +1.5% on year, up
from +1.2% projected last year for fiscal 2011 to 2013.
They see GDP growth for the next five years — in a period between
fiscal 2012 and 2016 — will also average +1.5%, up from +1.3% projected
last year for fiscal 2011 to 2015.
The Cabinet Office surveyed 2,378 firms listed in the first and
second sections of the stock exchanges in Tokyo, Nagoya and Osaka in
January. A total of 890 firms, or 37.4%, responded.
tokyo@marketnews.com
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[TOPICS: M$J$$$,M$A$$$,MAJDS$]
