Japan intervened in the currency markets to weaken the yen on Monday, exposing the dearth of global economic policy co-ordination just days ahead of this week’s Group of 20 summit in Cannes.
French officials said Tokyo’s action was unhelpful and underlined the risk of a return to mutually destructive currency wars.
In Berlin, officials stressed the need for co-ordinated currency intervention, such as the Group of Seven’s efforts to stop the yen appreciating after the Japanese earthquake and tsunami in March. Yesterday’s move by Tokyo, one official said, “looks uncoordinated”.
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