Asian Economies Are Worried About Rising Currencies
Japan believes US will probably oppose to a joint intervention in the foreign-exchange market to address the appreciating yen, which hit a 15-year high against the US dollar recently. Developed economies abroad are weaker than when Japan last intervened, and are themselves looking to boost exports, making it tougher for Japan to ask for global co-ordination. Coordinated intervention tends to work better and it helps set a floor for the euro in 2000 and the US dollar in 1995, while Japan’s solo moves in 2003 failed to arrest its appreciation.
Tracking The World Economy... - 03/09/2010
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