Posted on 12/28/2012 4:08:12 AM PST by BenLurkin
Japan's finance minister said Friday that U.S. authorities should seek a strong dollar, making the most straightforward call yet from Tokyo's new leadership on Washington to help correct the yen's strength against the U.S. currency.
Taro Aso, citing the U.S. currency's level being still below where it stood versus the yen when he served as prime minister in 2008-2009, said: "The U.S. ought to work toward making the dollar strong."
He also played down the notion that the recent efforts by the new administration led by Prime Minister Shinzo Abe to weaken the yen could spark a devastating global race to undercut currencies to protect export competitiveness.
Referring to an agreement among the Group of 20 leading industrial and developing economies to prevent competitive currency devaluation, Mr. Aso said that Japan was the only country abiding by it.
"Foreign countries are in no position to lecture us" on the risks of such foreign-exchange competition, Mr. Aso said.
(Excerpt) Read more at online.wsj.com ...
But, but, then we couldn’t borrow a $trillion a year from the FED.
Kind of interesting. I have been watching the Yen getting weaker/US Dollar getting stronger. IMHO, I favor a strong US dollar. Also a stronger US dollar is beneficial to savers as well.
i’m guessing he doesn’t realize they aren’t interested in making the dollar stronger.. but in fact, much, much weaker
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