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ECONOMY > Economic Policy

Washington, Tokyo at odds over forex policy

Several papers reported extensively on the yen’s rapid appreciation against the dollar and the consequent drop in stock prices during Monday’s trading in Tokyo, holding the Treasury Department’s de facto warning against Japanese authorities’ intervention in the foreign exchange market primarily accountable for the market instability. They highlighted a semi-annual report published on Friday by the Treasury Department on the foreign-exchange policies of major U.S. trading partners, in which Japan, China, Germany, and other nations were put on a watch list. They speculated that the report is intended to facilitate congressional approval of the TPP accord by addressing U.S. lawmakers’ suspicion that those countries have engaged in currency manipulation to enjoy unfair trade advantages. Mainichi predicted that Tokyo may not be able to obtain the U.S.’s blessing for intervention to devalue the yen.  

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