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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG

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From: John McCarthy	1/30/2013 6:17:05 AM
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MORGAN STANLEY: Japan Has Changed The Game, And Now There Really Could Be A Currency War Joe Weisenthal \| Jan. 30, 2013, 5:14 AM snip Pradhan goes onto argue that Mantega was wrong. QE was about defeating deflation and boosting asset prices. It was not about weakening the dollar. But while there might not have been a currency war in 2010, there might be one today, thanks to Japan. Japanese policy has changed the game: Japan’s policy-makers now want to end deflation and reinvigorate investment. Given the export-orientation of Japan’s economy, the role of the yen is likely to be much stronger for Japan than the dollar is for the US economy. This creates the risk of bringing into the fray the one, all-important element that was missing before – competitive depreciation. Any further monetary expansion by a major central bank may now prompt Japan’s policy-makers to take retaliatory action to weaken the yen. If they do, EM currency appreciation would be collateral damage. Already we've seen German leaders complain about Japanese monetary policy, which is a sign that they're irritated by the effects of a rival exporter weakening its currency so much. Meanwhile, the Euro surges, as the ECB sits idly by. Will the ECB switch back into easing mode to counter? businessinsider.com

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