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Reading some of the news items it would seem that the G7 deputies
get-together at the weekend resulted in very little being offered by the
Japanese. Sakakibara's statement on Saturday had a lot of negatives: No
specific pledge on bad debts, No real progress in talks to close
insolvent banks and only "intentions" of reviewing tax reforms. All in
all, not specific plans on rescuing their economy
My initial reading on last weeks intervention was that it was done
because the Japanese had conceded to stimulate their economy in return
for Rubin's help. Now it seems more that the intervention was ordered
by Clinton as a gesture to China ahead of the upcoming visit by
Clinton/Rubin.
Unless something concrete is announced I expect the dollar to resume its
rally for now.
Any counter thoughts? Anyone?
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