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| Euro reaches record rate against yen |
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The euro has reached its highest rate against the yen and the U.S. dollar since the European currency was launched in 1999, the BBC reported today, on expectations that the European Central Bank (ECB) would raise interest rates in the coming months faster than the Bank of Japan. Japanese wages data showed average cash earnings down 0.4% in March, a fourth consecutive month of falling incomes.
Euro area1 annual inflation is expected to be 1.8% in April 2007 according to a flash estimate issued by Eurostat, the Statistical Office of the European Communities. It was 1.9% in March.
The yen’s low value against the dollar has long been contended by the Big Three U.S. carmakers to give their Japanese competitors an unfair advantage, and has been the topic of recent lobbying.
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Source : http://www.autoindustry.co.uk
(5/1/2007)
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| Other
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