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.

 

 

However, he also agreed with Hiroyuki’s point that even if wages are increased, they won’t keep up with rising energy and living costs. The real wages adjusted for inflation have been in decline for 25 consecutive months, the longest streak in history. Low-income earners and pensioners who haven’t seen income increases are struggling. Takahashi has also suggested in another article that the benefits of a weak yen should be returned to the people.

Economic commentator Takaki Mitsuhashi also wrote on his blog on June 4.

“To enjoy the benefits of a weak yen, increase domestic investment, and mitigate the adverse effects of rising prices on citizens’ lives through ‘fiscal policy’ would be ideal. 

Specifically, this means abolishing the consumption tax, gasoline tax, and renewable energy surcharge. In essence, the government should bear the burden of price increases.”

In summary, the government, which has collected over 70 trillion yen in tax revenue for two consecutive years—surpassing even the bubble period—under the Kishida administration, which is often mocked as tax-increasing glasses, is causing hardship for ordinary people by imposing excessive burdens.

Even Ryuichi Yoneyama of the Constitutional Democratic Party, a nemesis of Hiroyuki, has come to Hiroyuki’s aid, stating:

“Hiroyuki is correct.”

However, opinions on social media reflect a more urgent concern:

“It doesn’t matter who is right. If you know what the solution is, please implement reforms that improve the future for citizens. If experts and politicians can’t do that, they’re pointless.”

“People aren’t living with macroeconomic awareness. Tonight’s dinner—what should I make? The prices are so high. I’ll skip buying it, this is the daily reality.”

Despite differing approaches, it seems that both Hiroyuki and Takahashi share the common view that the current burden on citizens is significant. If the government’s inaction continues, it will be ordinary people who suffer the most.