Wednesday, February 11, 2009

Watching and Waiting

Japan's Finance Minister, Shoichi Nakagawa:

"Be it foreign exchange, stocks or any other markets, rapid swings are damaging to Japan's economy, and therefore won't have a good impact on G7 and Asian nations," Nakagawa told Reuters in an interview.

"We hope to combat such moves decisively."

"Europe in its heart probably wants a weak currency. The United States also wants a weak currency given the current situation, and China must be the same," Nakagawa said.

"It's the same situation for all, and it's no good unleashing a competition in currency devaluation."

Yeah, like he said, its no good unleashing a competition in currency devaluation. But if they did...who do you think would win?