Japan welcomes weaker yen after Trump triumph

DONALD Trump’s shock election win has cheered prospects for Japan, the nation’s top central banker said today, as a weaker yen helps its battle against deflation and lifts exports.

Japan, which resorted to negative interest rates in February, kept policy unchanged as expected but struck a more upbeat tone as the world’s third-biggest economy saw sales overseas hit a two-year high in November.

The yen has fallen 10% against the dollar since the US election as the Fed raised rates last week and forecast three more hikes next year.

The economy continues to “recover moderately” and Bank of Japan boss Haruhiko Kuroda added: “I don’t see current yen falls as excessive or posing any problem.”

CMC Markets analyst Michael Hewson said: “Recent yen weakness has come as a welcome relief to Japanese policymakers.”