Yen rise could hit Japan's steel industry

Yen rise could hit Japan's steel industry. The yen's strength against the dollar could have a major impact on Japan's steel, auto and electronics industries, the head of the country's main steel sector body said on Thursday. Shoji Muneoka, chairman of the Japan Iron and Steel Federation, also said the current level of the yen, which jumped to a 14-year high against the dollar on Thursday, could cause a second recession in Japan.