Tuesday, November 8, 2011

The Group of 20 stumbles

“The G-20 has proven every bit as ineffectual as its predecessor,” said the Japan Times. “Last week’s meeting was no exception.”

“The demand for Beijing to accept market-driven exchange rates would have more credibility if Japan had not been intervening in foreign exchange markets to stem the yen’s historic rise,” said the newspaper.

Once again, Japan intervened in the currency markets to prevent the West from effectively pressuring China.

Ooh those sneaky, treacherous guys. They really the take.


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