[Economist: Yen Weakening Over the Past Year Has Been a Net Drag on Japan's Economy] According to a report by Golden Finance, on July 8, Daiwa Institute of Research economist Keiji Kanda stated that over the past year, every 10% depreciation of the yen against the U.S. dollar has resulted in a net drag of approximately 0.14 percentage points on Japan's real GDP growth. While yen weakening typically boosts growth through inbound consumption and stock wealth effects, these benefits are concentrated among tourism-related businesses and elderly households with high asset holdings. Conversely, rising import costs have placed a heavy burden on most businesses and households, while factors such as price transmission, Middle East tensions, Trump-era tariffs, and a decline in the number of Chinese tourists have suppressed the typical positive effects of yen depreciation. Currently, the yen remains near historic lows against the U.S. dollar, hovering around 162.20.