Hiroyuki vs. Yoichi Takahashi: The Online ‘Yen Depreciation Battle’ Reveals the Hardships of Ordinary People

Yoichi Takahashi, a former finance bureaucrat and economist, shared his view on a TV program that a weak yen is acceptable; no one would complain even if it were 300 yen per dollar. In response, influencer Hiroyuki Nishimura, known as “Hiroyuki,” countered on X:

“Fuel, fertilizer, and transportation costs will double, so the prices of agricultural and seafood products will double. The prices of imported goods will more than double. Electricity costs will also rise. For people working domestically, public servants, and pensioners, their take-home pay remains unchanged, meaning they would be living on half their previous income. Is he really a scholar?”

Subsequently, Takahashi replied on X:

“The weak yen (depreciation of one’s own currency) is beneficial for Japan, as known throughout history as beggar-thy-neighbor.”

Hiroyuki then challenged:

“Even though he said on media that a weak yen is acceptable; no one would complain even if it were 300 yen per dollar, he can’t provide any formulas or evidence.”

The heated battle continues.

On June 22, Takahashi held a live stream on his YouTube channel, titled “Hiroyuki has attacked me on X! Hmph,” where he elaborated on the situation.

He referenced Nobel economist Paul Krugman’s theory that a depreciated currency is advantageous for the home country and mocked:

“If you have complaints, you should take it up with Krugman rather than me. If you prove that the beggar-thy-neighbor theory is wrong, you’d deserve a Nobel Prize.”

Takahashi acknowledged that companies benefiting from a weak yen, such as Toyota, are indeed making significant profits, which in turn increases Japan’s tax revenue, making the weak yen beneficial for the national interest.