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Inflation worries fuel Japanese rush to buy gold
By Leo Lewis and David Keohane
Financial Times, London
Tuesday, September 5, 2023
The retail price of gold in Japan has jumped to an all-time high as the yen extends its historic slide against the U.S. dollar and cash-laden households rush to find a hedge against inflation.
Buying of yen-denominated gold at the nation's largest dealer has driven the price of the yellow metal above the Y10,000-per-gramme level for the first time in recent days. It was trading at Y10,100 today, according to retail prices published by Tanaka Kikinzoku, one of Japan’s largest gold retailers.
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The retail gold price in Japan -- the main reference price for the metal in the country -- tracks global spot prices, which have been pushed up by the coronavirus pandemic, the war in Ukraine, and tensions between China and the U.S. It also reflects a sharp fall this year in the yen, which recently passed Y146.5 against the dollar -- a level that last year triggered verbal market intervention by the Japanese authorities. ...
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https://www.ft.com/content/f7a5f1fb-7882-4c43-975d-05b06518334c
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