Japanese yen sinks to record low against euro

The Japanese yen hit a level of 173 yen per euro on Tokyo's foreign exchange markets on Monday.

It marked the yen's lowest level against euro since the European currency was introduced in 1999.

The downgrade to Japan's economic growth figures this year resulted in the struggling yen, according to analysts.

Chinese Premier Li Qiang urged solid efforts to accomplish the objectives and tasks for this year's economic and social development to make a good start in implementing the 15th Five-Year Plan while presiding over a plenary meeting of the State Council in Beijing on Monday.

Li said that since the beginning of this year, China's economy has registered steady growth featuring new momentums and structural improvement.

In the face of problems such as insufficient domestic demand and growing difficulties in some industries and enterprises, Li called for a focus on development goals to continuously push for innovation-driven and high-quality economic development by leveraging existing policies and rolling out new practical and effective policies in a timely manner.

Noting that this year marks the first year of the 15th Five-Year Plan period (2026–2030), Li emphasized the need to give full play to the plan's guiding role in all areas, urging efforts to maintain steady economic operation and expand domestic demand.

Efforts should be strengthened to advance the construction of water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipeline networks and logistics networks, and innovate investment and financing mechanisms to attract social capital, Li said.

Li called for efforts to stabilize external demand and expand the space for mutually beneficial international cooperation in trade and economy.

It is imperative to leverage science and technology to accelerate transition from old to new growth drivers, increase support for emerging pillar industries and future industries, continuously promote the upgrading of traditional industries, and consolidate the foundation for the real economy, Li said.

Li also stressed doing a good job in ensuring and improving people's livelihood, boosting employment, increasing people's incomes, improving public services, carrying out disaster relief, and preventing the resurgence of poverty.