Friday, October 8, 2010

Japan To Continue Intervening in Yen Market

Japan has just said that it will continue to intervene in the Yen currency market to stop appreciation if necessary.

Japanese Finance Minister Yoshihiko Noda: "We are approaching a G7 meeting, but regardless of this, Japan will take firm measures, including intervention, when needed," "This is Japan's basic stance."
Although Prime Minister Naoto Kan was a bit more conciliatory, he also said that the Japanese authorities would take decisive steps if required.

In a clear rebuttal to Tim Geithner, Dmitry Pankin, Russian Deputy Finance Minister, said Brazil, China, India and Russia see the current moves in emerging markets currencies as a deeper problem that cannot be solved through a free float.

Brazil, Russia, India and China will put up strong resistance to attempts to make a harsh appraisal of currency controls at the annual meeting of the International Monetary Fund and World Bank this week in Washington"

BRICs “have agreed on a position that exchange rates aren’t themselves a problem,” “Rather they are a consequence of deeper processes, such as tendencies to save, to invest, of the investment climate.”

"Free float is not an exit prescription, it's not a prescription for all illnesses,"

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