[lbo-talk] Japan threatens huge dollar selloff

Dwayne Monroe idoru345 at yahoo.com
Sun Dec 5 16:35:40 PST 2004


Doug posted:

Observer (London) - December 5, 2004

Japan threatens huge dollar selloff By Heather Stewart

TOKYO -- Japan is warning the White House that there will be "enormous capital flight" from the dollar if the Bush administration maintains its laissez-faire approach to the mounting currency crisis. Tokyo fears that Japan's strongest economic recovery in a decade could be derailed by the sudden appreciation in the yen against the greenback.

[...]

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At first glance, this seems very similar to the sorts of statements that were coming from Tokyo during the 80's: admonitions for Washington to get its house in order (a mood which perhaps reached its zenith with the publication of Akio Morita's "The Japan That Can Say No").

Yet somehow - and I make no claim to special knowledge in this area and so welcome correction - this seems much more serious; the situation, I think, has changed in ways that make this threat cast a much longer shadow.

.d.



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