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Aso warns China on currency moves

14 Comments
By ELAINE KURTENBACH

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Taro Aso, said Friday that recent moves by China to allow its currency to depreciate are a concern

I'm having a hard time figuring how he manages go keep a straight face and mouth when Japan is also allowing the yen to remain weak. Pot, kettle, shoe, foot.

7 ( +8 / -1 )

I'm having a hard time figuring how he manages go keep a straight face and mouth when Japan is also allowing the yen to remain weak. Pot, kettle, shoe, foot.

"....Japan maintains a floating exchange rate regime and has not intervened in foreign exchange markets in over three years. In the G-7 statement of February 2013, Japan joined the other G-7 countries in pledging to base economic policies on domestic objectives using domestic instruments, and to avoid targeting exchange rates. Japan was also part of the subsequent G-20 consensus and statement at the February 2013 Finance Ministers and Central Bank Governors meeting in Moscow that countries would not target exchange rates for competitive purposes. These statements were affirmed by G-20 Leaders in September 2013 at the St. Petersburg Summit. Since the G-7 and G-20 statements, Japanese official have ruled out purchases of foreign assets as a monetary policy tool..."

http://www.treasury.gov/resource-center/international/exchange-rate-policies/Documents/Report%20to%20Congress%20on%20International%20Economic%20and%20Exchange%20Rate%20Policies%2004092015.pdf

-5 ( +2 / -7 )

Japan recently weakened their currency from 90-95 yen to 120+ yen per dollar. About 25-30 percent adjustment. China adjust tiny 2-4 percent. it's not even a news. It makes their goods more competitive in overseas markets.

2 ( +6 / -4 )

As I always say, this is typical Japan: Japan accuses China without looking first at its own much bigger stick in its eyes.

And the Japan reporters didn't point out the obvious at the press conference... typical... what's the point of Japanese journalism?

2 ( +7 / -5 )

They loves blashing each other even there is no way a shooting war.

3 ( +3 / -0 )

Japan’s finance minister, Taro Aso, said Friday that recent moves by China to allow its currency to depreciate are a concern and could pose problems for Tokyo.

Please, don't make me laugh. This coming from the finance minister of a country, as the article states, engineered a steep decline in the yen, so its own exporters would benefit -- as one of the pillars of ist recovery plan. And with no concern at all about the "problems" it would pose for China or anyone else. How can anyone take Japan seriously?

5 ( +8 / -3 )

EU US Japan UK etc all use QE as a tool to manage there economies, the down/up side of this is that it almost always weakens there currencies compared to others. China is blatantly devaluing its currency for a competitive export advantage, also of note currency manipulation isnt illegal just frowned upon. So for whatever reason you want to blame any country of currency devaluation be sure your not guilty of it first.

0 ( +2 / -2 )

Wow another round of criticism of China by Japan and the US. The biggest currency manipulators.

And they criticise China no matter what it does.

It's spending too little, it's spending too much, it's using too much energy, it's being too stingy and not buying energy (oil, gas etc) from us, it's currency is not high enough, it shouldn't create an Asian development bank etc

And Japan doesn't say a word. Ironic given japans own experience. Have japanese forgotten that they were once discriminated in the same way in the 70s and 80s (heyday of their economy) by the US? Already forgotten about the plaza accord? The anti japanese sentiment in the states in the 80s to early 90s for buying their companies up?

Practically anything japan did whether it was raise or lower currency was met with criticism. Instead of standing up to it japan is going with the logic "we suffered so you suffer too" approach

4 ( +5 / -1 )

Taro Aso should go back to picking out his ear wax whilst reading Young Jump.......,it's what he does best!

2 ( +4 / -2 )

"Japan’s finance minister, Taro Aso, said Friday that recent moves by China to allow its currency to depreciate are a concern and could pose problems for Tokyo."

Ah, but it's okay for Japan to do exactly that to try and boost exports, right, Aso? Pot meet kettle, again, and again, and again. Japan can't intentionally devalue its currency and harm other nations for its own interests and then expect others to keep on being hurt by it so Japan can benefit. Moron.

1 ( +3 / -2 )

wtfjapan

EU US Japan UK etc all use QE as a tool to manage there economies, the down/up side of this is that it almost always weakens there currencies compared to others. China is blatantly devaluing its currency for a competitive export advantage

This comment here is one of the best examples of hypocritical exceptionalism. All of the above countries manipulate their currencies for economic advantages. But to you, if China does it, it's "currency manipulation for unfair advantages" and if others do it, it's "quantitative easing for economic management".

So for whatever reason you want to blame any country of currency devaluation be sure your not guilty of it first.

Well, if you read the news, the countries that have always been accusing others of currency devaluation are the US, and now Japan. What does that say about them?

2 ( +2 / -0 )

Gerald Celente of the transatlantic Journal said it best. You get a recession. Then you get a currency war. Eventually you get a real war to fix up the economies.

-1 ( +0 / -1 )

Aso is funny. " Japan has not intervened in currency markets for over 3 years". No need for that with the current Kuroda lapdog BOJ expanding monetary base and devaluing yen through " domestic tools for domestic objectives "as you say. Obviously.

Yes Obviously. It's what the Feds did during the financial crisis. Japan didn't do squat so record level "Endaka".

1 ( +1 / -0 )

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