Home / Business Focus
Thu, Jan 10, 2002 - Page 19 News List

Japan manipulates the yen

Despite repeated denials, the evidence suggests that Japanese officials are talking about letting market forces decide the yen's value, while they're really just letting currency markets do their dirty work

By David DeRosa  /  BLOOMBERG , NEW CANAAN, CONNECTICUT

Last July the head of the BOJ's research department, Kunio Okina, tried to sneak the issue in the back door by suggesting the BOJ conduct open-market operations using foreign reserves, as opposed to domestic bonds.

That is basically the same thing as unsterilized intervention. The suggestion was flatly rejected at the highest levels of authority in the BOJ.

If Kuroda is right, someone owes Okina an apology.

This story has been viewed 2281 times.
TOP top