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今年二季度，云南省以工代赈带动24.24万名群众就业增收_我的网站

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一 |

Illustration: Xia Qing/GT
The yen has weakened in recent days, edging closer to the psychologically important 160 level against the US dollar. The decline comes despite the widely watched move by Washington to join Tokyo in supporting the currency. Less than two weeks after the US-Japan intervention, the yen has given up roughly half of its gains, raising fresh questions over the effectiveness of coordinated efforts to stabilize the exchange rate.
Japan and the US had previously confirmed coordinated foreign exchange intervention to prop up the yen after the currency tumbled to a nearly 40-year low. At the time, some observers saw the move as potentially stabilizing the yen in the short term, although its longer-term impact remained uncertain.
However, the subsequent market reaction suggests that even the short-term effect may have been limited. After strengthening to about 155 per dollar in the days following the intervention from above 163, the yen had slipped back above 159 by Wednesday, less than two weeks later.
Questions have emerged over whether further support for the yen may soon be needed, and whether Washington would consider stepping in again. The previous intervention was seen by some observers as a test of market confidence: the unusual coordinated move had the potential to influence market expectations and discourage bets against the yen. But if market expectations remain largely unchanged, repeated interventions could deliver diminishing returns. The US may face a difficult trade-off. Another intervention could require greater resources and come at a higher cost, while refraining from further action could raise questions over the lasting impact of the previous effort.
Market commentary has added to the uncertainty. Axios published a report headlined "Yen's weakness shows market isn't done pushing," while some reports suggested that the impact of the US-Japan intervention was beginning to fade. Such narratives could weigh on sentiment toward the yen and reinforce market expectations that the currency's weakness may persist.
Washington's involvement in supporting the yen may reflect broader economic and policy considerations. These could include avoiding a scenario in which Japan sells US Treasury holdings to support the currency, as well as concerns that a weaker yen could give Japanese exporters a greater competitive advantage. These possible considerations suggest that the intervention alone does not fully address the underlying forces behind the yen's weakness. This may help explain why the market has so far been reluctant to view the move as a turning point for the currency.
Washington's decision to join the intervention may have reflected concerns, as some observers suggest, that the yen's prolonged weakness had begun to affect US interests. If markets remain unconvinced by the US-Japan intervention, one possible outcome is that Washington could push Japan to take more costly measures to support the yen. Such a scenario could instead create some strain between Washington and Tokyo.
Beyond short-term market dynamics, the yen's weakness also reflects deeper challenges facing the Japanese economy, making a sustained reversal difficult. The currency's prolonged weakness has been influenced by the interest rate gap between Japan and the US, while also reflecting longer-term concerns over the diminishing returns of Japan's traditional growth model.
This leaves Japan facing a delicate policy balance between supporting growth and stabilizing the currency. While lower interest rates could help boost economic activity, continued weakness in the yen may strengthen calls for Japan's central bank to consider further rate increases to narrow the interest rate gap with the US.
Japan's structural challenges mean that a sustained appreciation of the yen will not be easy to achieve. The question of whether to pursue stronger measures, even at the cost of some economic growth, has become more complicated as the US takes a role in the issue. Japan may face greater pressure to support the currency, even though doing so would be difficult and could carry broader economic costs.
The author is a reporter with the Global Times. [email protected]

。　　讯据云南省发展改革委消息，今年二季度，云南省发展改革委联动省直有关部门、各州（市）大力推广以工代赈，带动24.24万名群众务工就业，人均增收0.82万元。　　整体成效同比大幅提升。

二 | 全省在政府投资重点工程、中小型农业农村基础设施两大领域推广以工代赈，共实施项目4487个，较一季度增加1094个、增长32.24%；吸纳群众务工24.24万人，增加6.82万人、增长39.15%；发放劳务报酬20.22亿元，增加8.48亿元、增长72.23%；开展劳动技能培训17.89万人次，增加4.59万人次、增长34.51%，项目规模、务工人数、劳务收益、技能培训同步提升。　　两大领域实施推进有序。“重推”项目2146个，覆盖农业农村、交通、水利、城镇建设、生态、能源、民间投资等领域。依托主体施工、临建设施、材料搬运、工地保障、后期运维等环节吸纳本地群众就业，带动16.49万人务工，发放劳务报酬15.95亿元。“农推”项目2341个，涵盖农村生产生活、交通、水利、文旅、林草等建设内容。依托灌溉配套、农村污水治理、饮水保障、通乡通村道路硬化等工程，吸纳7.75万名群众参与建设，发放劳务报酬4.27亿元。　　重点州（市）示范效应明显。大理白族自治州、昭通市、红河哈尼族彝族自治州、普洱市、曲靖市实施成效突出，共推广项目2580个，占全省的57.5%；带动就业13.85万人，占全省的57.14%；发放劳务报酬8.83亿元，占全省的43.67%，有力促进群众就地就近就业增收。

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