Japan business lobby chiefs urge government to tackle weak yen, media reports

TOKYO, Jan 1 (Reuters) – Two major Japanese business lobbying groups called on the ​government to address the yen’s weakness, which ‌is inflating import costs and weighing on households and ‌businesses, their chiefs told domestic media in separate interviews.

Yoshinobu Tsutsui, head of Japan’s biggest business lobby Keidanren, said in a group interview with ⁠multiple domestic ‌media that the weak yen tends to be highlighted for its benefits, ‍such as boosting profits for exporters.

But from the perspective of national strength, “it would be better in the ​long run to adjust toward a stronger ‌yen,” he said, according to the media reports.

In a separate interview with domestic media, Ken Kobayashi, chairman of the Japan Chamber of Commerce and Industry, noted that the cost ⁠of procuring raw materials for ​small and medium-sized firms ​is increasing due to the weak yen.

As the weak yen has been a ‍major factor ⁠behind inflation, the government and the Bank of Japan “need to eliminate the sense of ⁠helplessness among small business owners that import materials from ‌overseas,” he said.

(Reporting by Makiko Yamazaki: ‌Editing by Neil Fullick)