Reuters (July 1)
“Japan spent a record 11.7 trillion yen ($72 billion) intervening in foreign exchange markets between late April and early May. But the brief boost to the yen was quickly wiped out…. It slumped to a 40-year low of 162.66 per dollar on Tuesday.” The Ministry of Finance is reportedly changing tactics. “Japanese officials are abandoning their habit of telegraphing intervention risks, instead signalling a more targeted campaign to squeeze speculators and raise the cost of betting against the battered yen.”
Tags: $72 billion, Battered yen, Cost, Forex, Intervening, Intervention risks, Japan, Markets, MoF, Officials, Record, Slumped, Speculators, Squeeze, Tactics, Telegraphing, Wiped out
McKinsey (June 30)
“As its 250th birthday approaches, the United States holds its place as the world’s most competitive economy. But safeguarding this economic edge means continuing to evolve.” The U.S. had, for example, been “the world’s leading manufacturer just before the 20th century and held the top position for decades. In the past 25 years, however, mainland China’s share has grown exponentially.”
Tags: 20th century, 250th birthday, China, Competitive, Economic edge, Economy, Evolve, Exponentially, Manufacturer, Safeguarding, Top position, U.S., World’s leading
