Changing fortunes

The G-7 communiqué referred to ‘flexibility’ in FX management rather than simply ‘appropriate management’. Specifically, it highlighted that ‘more flexibility in FX is desirable for major countries and economic areas to promote smooth and widespread adjustments in international financial systems, based on market mechanisms’.

Clearly, the ‘major country’ it referred to was Japan, and the ‘economic area’was China and non-Japan Asia. The reaction of the Asian markets has been interesting to

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