yen news stories on Newser

Japan's Economy Shrinks More Than Expected

Mark Russell — Mon, 13 Feb 2012 08:06:41 CST

Economists were expecting the Japanese economy to contract in the last quarter of 2011, but not this badly, reports the BBC . Japan's gross domestic product shrunk 2.3% in the last three months of the year, much worse than the 1.4% economists were predicting, due to the yen rising...

Japan, China Cut Currency Deal, Shun Dollar

Kevin Spak — Mon, 26 Dec 2011 09:53:05 CST

Japanese Prime Minister Yoshihiko Noda met with Chinese President Hu Jintao in Beijing today, and emerged with a number of deals—including one that will marginalize the US dollar in Asia. The countries agreed to promote direct yuan-yen trades, the Wall Street Journal reports; until now, the money has usually...

Japan Jumps Into Currency Market to Weaken Yen

Kevin Spak — Wed, 15 Sep 2010 12:18:00 CDT

Japan has taken the extraordinary step of intervening in the currency market in an effort to drag down the soaring yen. Japanese monetary authorities bought dollars and sold trillions of yen, driving the yen down from 84.5 yen to the dollar to 82, the New York Times reports. Their...

Panasonic Cuts 15,000 Jobs

Jim O'Neill — Wed, 04 Feb 2009 06:47:15 CST

A strong yen and softening consumer demand is prompting Panasonic to cut 15,000 jobs, close 27 plants, and restructure as it struggles to withstand burgeoning losses, reports the Wall Street Journal . The electronics company last quarter posted a $707.2 million net loss, and experts expect the downward trend...

Sony's Profit Off 95% in Q4

Jim O'Neill — Thu, 29 Jan 2009 06:46:28 CST

Slumping demand, a strong yen, and increased competition knocked Sony’s third-quarter profits off 95% from a year ago, reports CNN. Sony reported profits of $110 million for the quarter ended Dec. 31, down from $2.2 billion a year ago. Sony’s gaming segment was hit especially hard, with its popular...

Sony Swings to First Annual Loss in 14 Years

Jason Farago — Thu, 22 Jan 2009 06:25:20 CST

Sony announced today that it would go down to its first annual loss in 14 years, after having forecast just months ago that it would turn a profit. The Japanese electronics giant said it expected to lose $1.7 billion, the result of declining demand from the global recession. The...

Mighty Toyota Posts Its First Loss Ever

Jason Farago — Mon, 22 Dec 2008 06:08:00 CST

Toyota will post a loss for the first time in its history, the victim of plummeting sales and multi-year highs in the value of the yen, the company warned today. The Japanese automaker, which has enjoyed a reputation for profits even in bad times, announced that it would suspend executive...

Sony Slashes 8,000 Jobs

Tue, 09 Dec 2008 06:25:17 CST

Sony is slashing 8,000 jobs, or 4%of its global work force, aiming to cut costs by $1.1 billion a year as a global downturn and stronger yen batters profits at the Japanese electronics maker. Sony, which has 185,000 employees worldwide, said today it will complete the layoffs...

Rate Cut Sparks Global Market Rally

Jim O'Neill — Thu, 30 Oct 2008 06:42:38 CDT

World markets rode the back of yesterday’s Fed rate cut to huge gains as investors began looking for bargains and flooded the exchanges with cash, reports the Guardian . Hong Kong was up 12.8%, Seoul rose 11.95%, and Tokyo saw a jump of 9.6%, its fourth largest one-day...