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Strategies & Market Trends : Asia Forum
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To: Thomas Haegin who wrote (3931)5/28/1998 7:50:00 AM
From: MikeM54321  Read Replies (1) of 9980
 
I pulled these comments out of a Japanese newspaper. Five leaders got together for a meeting to talk about the "crisis." I doubt the business leaders knew they would be quoted in English or they may not have said what they did. I think the rhetoric about Japan supporting their currency is just that, rhetoric for political purposes. I think Japan is only interested in Japan (which is common sense) and do not really want to see a strong yen. I think if the US keeps basing their hopes on Japan taking action to strengthen it, they are just barking up the wrong tree(IMHO). Market forces are about the only thing that will drive the yen back up and drive imports to the US down. Japan isn't that interested in helping other Asian Tigers (by importing more on the back of a strong yen) unless it directly serves them to. I wish the world would stop expecting Japan to do something dramatic to stimulate their economy. I think it's wasted energy. All IMHO, of course.
MikeM(From Florida)

>>The five business leaders also agreed that the Asian economic crisis was unlikely to change the medium- and long-term business strategies of Japanese companies in Asia....Keiichi Koseki, executive managing director of Ajinomoto Co., said, "The drop in value of Southeast Asian currencies lowered the dollar-based production cost, thereby boosting cost competitiveness." Morimoto expressed a similar view. "The depreciation of currencies will not hurt us because it will help us increase exports," he said. The price competitiveness of Ajinomoto's products would be boosted if the Chinese currency were devalued, Koseki added.<<
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