by Dan Norcini
The big Pow-Pow taking place in Japan with the G7 ( Group of Seven) finance ministers yielded what most of us already expected – no agreement whatsoever.
I found Japanese Finance Minister Taro Aso’s remarks quite revealing. His view is that the recent movements in the Yen have been “excessive”. “The movement seen over the past several weeks can’t be described as ‘orderly,” he noted.
He noted that “one-sided, speculative trades” have been behind some of the move higher in the Yen. The Japanese find such things undesirable.
In their view, intervention can therefore be justified.