Strawberry shortcake and foreign travel: How the yen’s record slump is squeezing the Japanese

From food to travel, it’s hard to find an aspect of life in Japan that hasn’t been affected by its declining currency,

From food to travel, it’s hard to find an aspect of life in Japan that hasn’t been affected by its sinking currency. The yen has been on the skids for years and hit its weakest level since 1990 against the US dollar earlier this week, pressured by expectations of that the US Federal Reserve will have to keep interest rates higher for longer to tame American inflation. For Hiroko Ishikawa, a second-generation fruit importer in Tokyo, the declining yen has delivered a big hit to her business, which was set up by her father in 1966. Her company, Japan Fraise, specializes in supplying strawberries, including imports of large berries from the United States. Local farmers also produce strawberries, but not enough to keep up with voracious demand for Japanese-style shortcakes: airy, creamy tiered treats that are considered must-haves at birthdays, holidays and other celebrations. Ishikawa sells berries to 400 customers, mostly bakeries and confectionaries, across the country. The falling yen has made imported strawberries much more expensive. Ishikawa estimates she has raised her wholesale prices for imported fruit by 20% over the past two years. To stay competitive, she hasn’t fully passed the cost of the currency swings to her customers, opting to absorb some of the pain herself.