Re: Yen Fall
We've heard this before. Maybe there is only so much intervention can do. It's a real problem attracting money when you are paying .5% interest rates and very few have confidence in Asia.
>>MOF says Japan to take decisive action on yen fall
TOKYO, June 8 (Reuters) - Japan will take ''decisive'' action on the ''excessive'' fall of the yen, Vice Finance Minister Koji Tanami said on Monday. Asked about the yen's slide to seven-year lows below 140 to the dollar, Tanami said the Group of Seven nations, especially Japan and the United States, ''have agreed to cooperate in response to excessive yen depreciation, and in that line we will take decisive action.''
Tanami acknowledged that the dollar/yen ''rate is something determined by the market,'' adding that Japan's action would be aimed against ''excessive, drastic yen depreciation.''
On reasons to be concerned about the yen's drop, Tanami cited its tendency to push up Japan's trade surplus as well as its effect on other Asian economies and currencies.
''We must think of the effect on Asian economies,'' Tanami said.<< |
