More Asian Countries Intervened In The Foreign Currency Markets To Cap Currencies Appreciation
Japanese yen strengthened to ¥82.88/US$ on 14 September, the strongest since May 1995, forcing the Bank of Japan to step into the foreign-exchange market to intervene by purchasing and selling currencies to influence prices. Japan is concerned that the surge in yen to a 15-year high would affect the country’s exports given that its economic growth had slowed to an annualised rate of 1.5% in the 2Q, from a high of +5.0% in the 1Q. Trade accounted for more than half of Japan’s expansion in the 2Q, highlighting the threat of a stronger yen.
Tracking The World Economy... - 17/09/2010
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