The Japanese yen's rapid depreciation, primarily affected by the widening interest rate gap between the yen and the U.S. dollar, is set to lead to greater economic uncertainty in Japan, said a Japanese economist.
On Thursday, the yen fell to 155.74 against the U.S. dollar in Tokyo, breaking the threshold of 155 and hitting a fresh 34-year low.
"In Japan, low interest rates are expected to continue for now, putting pressure on the yen's value to drop. The yen's depreciation is also due to the strong U.S. dollar. Previously, the U.S. Federal Reserve Chair Powell said that the Fed is set to cut U.S. interest rates three times this year. However, there are market concerns now that there might be fewer cuts, or even none at all this year. The strong U.S. dollar is causing a lot of money to flow into the country. The ongoing appreciation of the U.S. dollar has also led to a decrease in the value of the yen," said Hideo Kumano, chief economist at the Dai-ichi Life Research Institute in Japan, in a recent video interview.
In addition, Kumano warned that the rapid depreciation of the yen could pose challenges for Japanese import and export firms. Given Japan's heavy reliance on imports for essentials like energy, minerals and food, higher import costs are likely to increase the living expenses for Japanese people.
"For Japanese import and export businesses, the ongoing trend of yen depreciation seems endless. This will result in a continuous rise in import prices, posing significant challenges. If the yen continues to depreciate, Japanese assets may be increasingly shifted overseas," said Hideo Kumano.
Due to the persistent depreciation of the yen and the rising cost of living in Japan, many people are feeling the strain on their daily life.
"I work at a bakery, and now bread prices have gone up. The bakery manager says the costs of ingredients has kept rising. It's been tough," said a Tokyo resident.
"When I go to the supermarket, I can clearly feel that prices for food and other items have gone up," said a Tokyo resident.
"For those living here, life is quite tough. Our wages haven't gone up, and even though I'm retired, I still do odd jobs," said a Tokyoite.
According to Kumano, the yen's significant depreciation against the U.S. dollar in the short term adds more uncertainty to Japan's economy. While the Bank of Japan is considering measures to stabilize the exchange rate, their effectiveness remains uncertain.
"Although the Japanese government wants to halt the yen's further depreciation in the foreign exchange market, and claims it can control currency fluctuations, the actual flow of significant private funds is influenced by the monetary policies of both the U.S. and Japan. As a result, it has become challenging to prevent the yen from depreciating further and the U.S. dollar from appreciating," said Kumano.
Yen's rapid depreciation causes greater economic uncertainty in Japan: economist
Yen's rapid depreciation causes greater economic uncertainty in Japan: economist
Actors from the new comedy "The Last Frenzy" shared the behind-the-scenes stories on China Central Television (CCTV), as the film has performed quite well at the box office and earned great viewership from the audience.
As of Monday, the sixth day of the film's release, the total box office revenue from the film had surpassed 400 million yuan (about 55.48 million U.S. dollars), ranking the first among all the films screened around the May Day holiday from May 1 to 5.
The film tells the story of a middle-aged man named Jia Youwei, played by veteran comedian Jia Bing, grappling with life-altering decisions when he is confronted with an incurable illness and a mere 10 days left to live. Choosing to spend his million yuan property proceeds on unforgettable experiences with friends, Jia embarks on a poignant journey of camaraderie and self-discovery.
In the CCTV interview, Jia Bing analyzed into the character he played.
"Jia Youwei is a little bit stingy because of the family he was born into. He is reluctant to spend money because after his parents died, he didn't have any other people to rely on. He saves money as a way of guarantee for himself. He is portrayed as a careless person in the film, but actually he has a delicate mind. As the movie unfolds, you'll find Jia Youwei is actually quite generous, especially to his friends. He is willing to give up everything he has in order to help his friends realize their dreams," Jia said.
Dong Baoshi, a rap singer-turned actor, played one of Jia Youwei's friends in the film. He said many of the scenes were improvised.
"Many of the scenes in the film were improvised. I didn't know much about acting before working with Jia Bing and Xiao Shenyang (another actor). They have a lot of inspiration and many of the lines in the film were improvised by them. I often laughed out on the set because there were many interesting lines that they came up with in a way like freestyle," Dong said.
Jia agreed with Dong and said director Urna is very fond of the improvised scenes.
"We are the same both in and outside the film. What we look like in the film is the same with that in our daily life. There is no difference. Director Urna says she hopes we can be ourselves and that she loves the 'freestyle' scenes in which we play roles," Jia said.
As a rookie actor, Dong said he has learned a lot from Jia and other actors in the film.
"Jia offered me much advice on playing a comedy, such as the rhythm of saying the lines. He also helped me adjust my performance, which I think is a wonderful process. I was a little bit shy at first. But with his encouragement, I began participating in the creation process with other actors in a very relaxed mood," Dong said.
Jia has so far played roles in more than 50 films and TV series, mostly comedies. Unlike other actors who pursue an all-around and versatile development, Jia said he wants to stick to the comedy business.
He also performed in many comic sketches before and once performed on China Media Group's Spring Festival Gala, a TV show enjoyed by almost every household in China on the eve of the Chinese New Year.
"I once made a promise to myself that I would devote my whole lifetime to comedy. Since comic sketches have gradually lost attraction to young people and I couldn't come up with good punch lines any more, I decide to spend more time on films and think carefully about each character I will play, so as to bring laughter to the audience. I think I haven't reneged on my promise," Jia said.
Comedy film actors share behind-the-scenes stories
