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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ild who wrote (22064)11/19/2004 7:03:29 PM
From: zebra4o1   of 110194
 
Europe pressuring Japan on currency?

Yet with the euro's rise increasingly unnerving European officials, the days of Asia's beggar-the-other-guy policies may be numbered. Europe seems less likely to sit back silently and suffer the side effects. Rising European anger at Group of Seven meetings or in public comments could shame Asia into facing the inevitable.

Anyone with a passing interest in U.S. political debate, in which China's currency peg with the dollar is routinely cast as evil incarnate, might get the impression Beijing is the prime culprit. It's Japan that's by far Asia's biggest economy. Only when Tokyo lets markets set the yen's value will China and others follow suit.

Is Japan ready to let the yen rise? Some will no doubt argue the world's No. 2 economy has done just that. Japan has indeed watched the yen rise lately without stepping in to manipulate its value. The dollar is down 5 percent versus the yen this month.

quote.bloomberg.com
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