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Japan To Seek Global Understanding On Yen - Nodo

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http://uk.reuters.com/article/idUKTRE68G0FS20100917

Japan will try to dispel international criticism of its yen-selling intervention by highlighting the damaging impact of the currency's climb on an economy mired in deflation, the finance minister said on Friday.

Japan's solo foray into currency markets on Wednesday, its first in six years, sparked fears other nations might follow suit to prop up sagging exports and that such competitive devaluations could prove lethal to the slackening global economic recovery.

Finance Minister Yoshihiko Noda, who has retained his post in a cabinet reshuffle, told a news conference that even though he was aware of such concerns Tokyo was ready to act again if confronted with rapid currency moves.

The first opportunity to explain Tokyo's actions may come next week when Prime Minister Naoto Kan will meet U.S. President Barack Obama in New York on September 23 on the sidelines of a U.N. General Assembly meeting, Japan's Asahi newspaper reported on Friday.

In its biggest one-day operation, Tokyo offloaded up to 1.86 trillion yen (13.8 billion pounds), money market data suggests, after the currency jumped to another 15-year high against the dollar, threatening to derail Japan's tentative economic upturn.

Noda said the yen's rapid rise -- which he said was deviating from the economy's fundamentals -- was the reason Tokyo intervened in currency markets, and that he had no specific currency levels in mind when deciding whether to intervene.

"I'm aware that there are various opinions. But Japan's stance is that a prolonged yen rise is undesirable as the economy remains in a severe situation with ongoing deflation. It is important to consistently explain our stance to the international community," Noda told reporters after a cabinet meeting.

Excellent, I'm sure everyone will be very understanding now.

Japan is clearly in a very fooked position and has now admitted it to everyone.

Everyone is seeking to devalue their currencies in an effort to trade there way out of this mess. It's a race to the bottom.

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  • 145 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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