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Continued weak yen may create new problems even after US-Japan intervention_我的网站

A |     　　讯 据市场监管总局消息，近日，市场监管总局组织修订形成《可可及焙炒咖啡产品生产许可审查细则（征求意见稿）》，8月18日开始向社会公开征求意见。　　《可可及焙炒咖啡产品生产许可审查细则（征求意见稿）》主要修订了4个方面内容。

B |     

    Illustration: Xia Qing/GT
The yen has weakened in recent days, edging closer to the psychologically important 160 level against the US dollar. The decline comes despite the widely watched move by Washington to join Tokyo in supporting the currency. Less than two weeks after the US-Japan intervention, the yen has given up roughly half of its gains, raising fresh questions over the effectiveness of coordinated efforts to stabilize the exchange rate.
Japan and the US had previously confirmed coordinated foreign exchange intervention to prop up the yen after the currency tumbled to a nearly 40-year low. At the time, some observers saw the move as potentially stabilizing the yen in the short term, although its longer-term impact remained uncertain. 
However, the subsequent market reaction suggests that even the short-term effect may have been limited. After strengthening to about 155 per dollar in the days following the intervention from above 163, the yen had slipped back above 159 by Wednesday, less than two weeks later.
Questions have emerged over whether further support for the yen may soon be needed, and whether Washington would consider stepping in again. The previous intervention was seen by some observers as a test of market confidence: the unusual coordinated move had the potential to influence market expectations and discourage bets against the yen. But if market expectations remain largely unchanged, repeated interventions could deliver diminishing returns. The US may face a difficult trade-off. Another intervention could require greater resources and come at a higher cost, while refraining from further action could raise questions over the lasting impact of the previous effort.
Market commentary has added to the uncertainty. Axios published a report headlined "Yen's weakness shows market isn't done pushing," while some reports suggested that the impact of the US-Japan intervention was beginning to fade. Such narratives could weigh on sentiment toward the yen and reinforce market expectations that the currency's weakness may persist.
Washington's involvement in supporting the yen may reflect broader economic and policy considerations. These could include avoiding a scenario in which Japan sells US Treasury holdings to support the currency, as well as concerns that a weaker yen could give Japanese exporters a greater competitive advantage. These possible considerations suggest that the intervention alone does not fully address the underlying forces behind the yen's weakness. This may help explain why the market has so far been reluctant to view the move as a turning point for the currency.
Washington's decision to join the intervention may have reflected concerns, as some observers suggest, that the yen's prolonged weakness had begun to affect US interests. If markets remain unconvinced by the US-Japan intervention, one possible outcome is that Washington could push Japan to take more costly measures to support the yen. Such a scenario could instead create some strain between Washington and Tokyo.
Beyond short-term market dynamics, the yen's weakness also reflects deeper challenges facing the Japanese economy, making a sustained reversal difficult. The currency's prolonged weakness has been influenced by the interest rate gap between Japan and the US, while also reflecting longer-term concerns over the diminishing returns of Japan's traditional growth model.
This leaves Japan facing a delicate policy balance between supporting growth and stabilizing the currency. While lower interest rates could help boost economic activity, continued weakness in the yen may strengthen calls for Japan's central bank to consider further rate increases to narrow the interest rate gap with the US.
Japan's structural challenges mean that a sustained appreciation of the yen will not be easy to achieve. The question of whether to pursue stronger measures, even at the cost of some economic growth, has become more complicated as the US takes a role in the issue. Japan may face greater pressure to support the currency, even though doing so would be difficult and could carry broader economic costs.
The author is a reporter with the Global Times. [email protected]

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C | 　　一是合并修改名称。

D | 根据《食品生产许可管理办法》，将《可可制品生产许可证审查细则》《焙炒咖啡生产许可证审查细则》中相同的部分合并简化，并合并修改为《可可及焙炒咖啡产品生产许可审查细则（征求意见稿）》。

E | 　　二是明确原料和生产要求。本次细则修订以问题为导向，明确可可制品生产不得以可可壳作为原料，焙炒咖啡生产不得添加食品用香料、香精。　　三是严格过程管控。根据《食品安全国家标准食品生产通用卫生规范》（GB14881）等相关规定，细则修订了生产场所、设备设施、设备布局和工艺流程、人员管理等要求。

F | 　　四是健全管理制度。细则完善了人员管理、全链条管理等制度要求，督促企业落实主体责任，实现全流程覆盖管理。

G | 版权申明：凡注有“”或电头为“”的稿件，均为独家版权所有，未经许可不得转载或镜像；授权转载必须注明来源为“”，并保留“”的电头。    。

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