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japantimes.co.jp | U.S. adds Japan to currency watchlist, 21 June
but stopped short of labeling it or any other trade partner as a currency manipulator.

While pointing out that Japan intervened to support the yen earlier this year, the Treasury took aim, instead, at Tokyo's large bilateral trade and current account surpluses.

"Treasury's expectation is that in large, freely traded exchange markets, intervention should be reserved only for very exceptional circumstances with appropriate prior consultations," the department said Thursday in its semiannual foreign-exchanges report. "Japan is transparent with respect to foreign exchange operations."

The other countries on the monitoring list were unchanged from the previous report in November: China, Germany, Malaysia, Singapore, Taiwan, and Viet Nam.

U.S. interest rates at the highest in more than 20 years have kept the value of the dollar elevated against most other currencies. That, in turn, has put severe strain on major importers of dollar-priced commodities such as oil, as well as on those countries bearing dollar-denominated debt.

by Cat on Sat Jun 22nd, 2024 at 01:51:22 PM EST
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