On 16 October, 2-channel founder Hiroyuki sarcastically commented on Prime Minister Fumio Kishida’s proposal to “support 10,000 companies that take advantage of the weak yen” on Twitter amid the unstoppable yen depreciation, saying that the Prime Minister is “actively trying to destroy the domestic market in Japan”.
The sharp depreciation of the yen against the dollar has further weakened the yen by more than four yen to the high ¥148s in October. On 22 October last month, the BOJ intervened by buying ¥2.8 trillion of yen to temporarily weaken the yen to the ¥140 level, but it is no longer enough. In no time at all, the yen returned to its pre-intervention level, and from there it weakened further, easily breaking through the 147.65 yen level it hit in 1998 without leaving the wall.
Amid calls for a correction of the yen’s weakness, which is putting pressure on people’s livelihoods rather than the benefits of a weaker yen, Prime Minister Kishida, while on a visit to Tokyo on 15 November, announced that he would “support a total of 10,000 small and medium-sized enterprises and various companies that are considering overseas expansion that can take advantage of the benefits of a weaker yen”. Many people are appalled at the policy that ignores the hardships of the people’s lives.
Hiroyuki also reacted sensitively to the policy put forward by Prime Minister Kishida. He explained the current situation: “The agriculture and fishing industries are in trouble because of higher fuel costs, but since consumers are domestic, there is no benefit from the weak yen, so they are left alone. The prime minister is actively trying to destroy the Japanese domestic market.
Ichiro Ozawa of the Constitutional Democratic Party of Japan (DPJ) also criticised the government on Twitter, saying that there is no need to support industries that are profiting from the weak yen by using taxpayers’ money.
The public has been critical of Prime Minister Kishida’s policy, saying that he has no intention of correcting the weak yen. This highlights the fact that Kishida has not demonstrated any ability to listen to the public.