The yen, which broke through the 160 yen mark yesterday, is still trading in the mid-160 yen range today, creating a historic period of depreciation. This is having an impact on the national food.

Pork cutlets are a national food with a crispy batter and plenty of meat juice. Something strange is happening with the price of this national food, pork.

Yasui Meat President Takehiro Yasui
“The purchase price is rising at a rate of about 10 yen per week.”

Mexican pork shoulder. Four years ago, it was 480 yen per kilogram, but now it’s 680 yen. It’s increased in price by about 1.5 times.

The background to this is the depreciation of the yen, which has reached its lowest level in 37 and a half years.

The yen has broken through the 160 yen mark, hitting a historic low.

Minister of Finance Shunichi Suzuki
“We are particularly concerned about the impact on the economy.”

Minister Suzuki once again warned the market that “necessary measures will be taken,” but the currency intervention by the government and the Bank of Japan appears to have lost its effectiveness after just two months.

The weak yen is also affecting our daily lives.

Customer
“My wife likes pork so she buys it for me, but now it’s chicken.”

If the yen continues to weaken, not only will prices rise, but pork itself may become difficult to obtain.

Yasui Meat President Takehiro Yasui
“Wholesalers are losing out in terms of purchasing. If we can’t buy in large quantities, prices go up, and we’re in a vicious cycle.”

When importing goods from overseas, we lose out to other countries. And this is not limited to pork.

This is a graph showing the international value of currencies. With 2020 as the base year, the value of the currency in major countries has risen, but Japan’s has continued to fall, hitting an all-time low in May of this year. The “power of the yen” has fallen over the past four years.

Yasui Meat President Takehiro Yasui
“Even pork, which is originally something that is stable and easy for everyone to eat, is now becoming a luxury food.”

The weak yen is affecting our lives as we rely on imports. Going forward, we will be asked what policies are needed to raise the “value of the yen.”