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Strategies & Market Trends : HONG KONG
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To: synchro who wrote (1903)6/17/1998 2:00:00 AM
From: Chung Lee  Read Replies (1) of 2951
 
..............Admittedly, the yen's slide has much to do with Japan's persistent recession, but the Hashimoto administration's policy of allowing the yen to fall has quickened it. Japan has US$224 billion in its foreign exchange reserves, and its central bank's discount rate has for three years remained 0.5%, a record low. It is not true that there is nothing Japan can do to prevent the yen from plunging. The problem is that it is not prepared to do so because a falling yen helps Japan's export and makes it less likely for low domestic demand to lead to economic contraction. In other words, the yen's slump has allowed Japan to shift its economic woes onto other countries.

The US is the only country in the world that can now prevent the yen from falling. It is open to Washington to intervene and thereby halt the yen's fall. But Washington......

Article from English portion of Chinese Newpaper "Ming Pao" in HK
mingpao.com
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