US abandons strong dollar policy -- but will Asia?
The only Asian member of the Group of Seven (G-7) -- Japan -- has claimed that the G-7 communiqué did not represent a change in its policy, repeating the mantra that intervention was to ensure that exchange rates reflected "broad fundamentals" and to "smooth excessive market volatility". Dollar buying by the Bank of Japan (BoJ) prior to Dubai -- estimated at around $95 billion for the year to September -- was clearly more than a "smoothing" operation. The yen has since strengthened by more than
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