Yen still overvalued, Japanese steelmakers say
Dec 12, 2012 | 11:03 AM
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Tags
Japan,
yen,
Japanese steel,
Japanese exports,
exports,
Shinzo Abe,
Steel First
TOKYO — The yen remains too overvalued for Japanese steelmakers to compete effectively with regional suppliers, despite the Japanese currency’s recent decline in value, industry officials say.
“We have seen the yen drop in value in recent weeks, and of course that is welcome for us. But I would say that we will need to see it drop to around the ¥90 level against the U.S. dollar before we can seriously compete on the export market, especially for standard grades,” a senior official at one of Japan’s leading stainless steel producers told AMM sister publication Steel First. ....
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