Alexa

Boycott of Japanese imports answer to pushing down prices: premier

Boycott of Japanese imports answer to pushing down prices: premier

Taipei, Oct. 7 (CNA) The prices of Japanese products on the local market have remained unchanged despite a depreciating yen, leading Premier Jiang Yi-huah Tuesday to call on consumers nationwide to boycott Japanese imports. Since businesses have not lowered the prices of popular Japanese products, "we shouldn't buy them," Jiang told lawmakers during a question and answer session at the Legislature. Asked whether officials will lead the initiative by boycotting Japanese products themselves, Jiang said the government will not give an order in this regard, but he believes that civil servants of all levels have "realized" what should be done. He further said that if the prices of Japanese products do not reflect currency fluctuations, adjustments should be made through consumer behavior. As to what the Fair Trade Commission is doing, the premier said the agency has begun an investigation into the prices, but it will take some time to see results. The Japanese yen has devalued by roughly 3.2 percent to 108 against the U.S. dollar from the beginning of the year through Tuesday, according to Bloomberg, down from a high point of 75 yen to the U.S. dollar since Japanese Prime Minister Shinzo Abe began a loose currency policy to pump up the long-recessed economy. Taiwan's Central Bank Governor Perng Fai-nan has suggested Japanese products should see a resultant price cut of 3-4 percent, advising trading companies to give feedback to consumers. (By Chen Wei-ting and Elizabeth Hsu)


Updated : 2020-12-04 20:01 GMT+08:00