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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (2438)1/9/2004 4:42:13 PM
From: RealMuLan  Read Replies (1) of 6370
 
Japan should focus on China, not the yuan
Yoshihiro Sakai IHT
Friday, January 9, 2004

Asian economies

NEW YORK China has gained significant attention this past year as a potential threat to U.S. economic power. This was highlighted in September when Treasury Secretary John Snow failed to persuade China to appreciate its currency, the yuan. Following the U.S. efforts, Japan also intensified its criticism of China's currency policy. Some politicians and corporate executives in both China and Japan continue to argue for revaluation in order to eliminate China's export advantage.

However, with China growing in economic strength, I do not believe that Japan should follow the United States in calling for appreciation of the yuan at this time. Japan's relationship with China is too important. The United States used its superior economic position for its own benefit in 1985, when Japan agreed to let the yen appreciate under the Plaza Accord. The yen appreciated more than 60 percent against the dollar. That did not reduce Japan's trade surplus, but ever since, Japan's economy has been negatively impacted by the decision to revalue the currency and to partly change its economic structure.
iht.com
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