Japanese Ministry of Economy, Trade and Industry announced on Friday slightly more than 60 % of Japanese manufacturers answered their profit would decrease under higher yen rate against US dollar at METI’s hearing survey. The manufacturers are suffered from higher yen exchange rate while major steel makers’ export rate stays around 50% of sales. The manufacturers expect the government tries to avoid excessive appreciation of yen against other currency.
According to the survey, a steel maker reported the firm reduces export order receipt and production level due to loss making export transactions. Other steel maker respondent cannot increase steel selling price due to the competitiveness of South Korean steel makers under the exchange rate condition. A nonferrous metal company answered the sales decrease is concerned when the users lose market share under competition with South Korean companies. METI reported if yen rate would keep 85 yen per US dollar or higher, about 40% of the manufacturers would transfer Japanese plants to offshore sites and around 60% manufacturers would increase the production at offshore plants. METI warns the higher yen rate could reduce Japanese employment by Japanese manufacturers due to the offshore shift. METI conducted the survey for 102 companies of export heavy major manufacturers and 98 small manufacturers during August 11-24 period.Japan Steel Scrap Composite Prices (Sangyo Press)
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