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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: CalculatedRisk who wrote (2602)3/21/2004 10:57:08 AM
From: Wyätt Gwyön  Read Replies (1) of 116555
 
Japan does sterilize a considerable amount of purchases through its Foreign Exchange Special Account. unsterilized and indirect purchases through window guidance, based on crackpot notions like those of Paul Krugman, have created an economic disaster of Japan's fiscal condition. the govt runs huge deficits which flow into public works pork. this creates large yen deposits for recipients of govt largesse. the deposits can then be used to fund forex purchases.

Japan adopted this crackpot govt debt approach when their previous approach to forex funding--the 1980s stock and real estate bubble--fell apart.
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