Bank of Japan governor Kuroda is still pursuing a weaker yen even though the "real" yen now at the lowest level in 50 years, and it has become a crutch that is atrophying Japan's muscles. Moreover, the weak yen creates "bad inflation" that, in effect, transfers income from Japanese households to foreign producers and
Japanese multinational companies. It is noteworthy that Korea has been growing faster than Japan without needing the crutch of a weak currency. The Kishida administration has its doubts about Kuroda's policy. For details, see my blog posting at https://richardkatz.substack.com/p/does-a-weak-yen-really-help-japan with links to a longer piece in both Japanese and English in Toyo Keizai online.

Richard Katz