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Weak yen hits Japan’s dairy farmers

Weak yen hits Japan’s dairy farmers

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A total of 89.8% of respondents cited the weaker yen, followed by 85.3% who referenced the Ukraine crisis and 84.3% who flagged high oil prices.

TOKYO: More than 90% of dairy farmers said they have struggled financially over the past year due to the weaker yen pushing up livestock costs and declining demand for produce amid the coronavirus pandemic, according to a survey by the Japan dairy council.

The Tokyo-based association conducted the online survey from June 9 to 14, receiving responses from 197 dairy farmers across the nation.

In the survey, 92.4% of respondents said their respective businesses had suffered financial difficulties over the past year.

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On business performance in the past month, 65.5% of respondents said their figures were in the red.

A total of 89.8% of respondents cited the weaker yen, followed by 85.3% who referenced the Ukraine crisis and 84.3% who flagged high oil prices.

The survey results show that soaring prices of animal feed and fuel due to the depreciation of the yen and the situation in Ukraine have adversely affected business operations. — The Japan News/ANN


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