TOKYO : Japan's government said on Thursday its economy was gradually recovering, but warned in its monthly report that high interest rates in the United States and Europe risked damaging its own economy, as well as theirs.
FILE PHOTO: People walk on a crosswalk at a business district in central Tokyo, Japan September 29, 2017. REUTERS/Toru Hanai/File PhotoTOKYO : Japan's government said on Thursday its economy was gradually recovering, but warned in its monthly report that high interest rates in the United States and Europe risked damaging its own economy, as well as theirs.
The Japanese currency hovered above 160 yen overnight on Thursday, just a tad away from its low of 160.88 yen to the dollar, fuelling a concern about higher costs of living. The yen has fallen some 2 per cent for the month and 12 per cent for the year due to stark interest rate differentials between the United States and Japan.
"The economy could face downside risks from the effects of continued high interest rate levels in the United States and Europe," it added."Full attentions should be given to fluctuations in the financial and capital markets."
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