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18-10-2022, 08:39 AM
October 17, 20226:03 AM GMT+8Last Updated a day ago
By Leika Kihara
WASHINGTON, Oct 16 (Reuters) - Japan and other countries facing the fallout from a soaring U.S. dollar found little comfort from last week's meetings of global finance officials, with no sign that joint intervention along the lines of the 1985 "Plaza Accord" was on the horizon.
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U.S. Treasury Secretary Janet Yellen made clear that Washington had no appetite for concerted action, saying the dollar's overall strength was a "natural result of different paces of monetary tightening in the United States and other countries."
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With no current U.S. interest in engineering that kind of deal, other countries have to find ways to mitigate the pain stemming from a strong dollar, which has forced some emerging economies to hike interest rates to defend their currencies even at the cost of cooling economic growth more than they want.
More at: https://www.reuters.com/markets/asia/g7-...022-10-16/
By Leika Kihara
WASHINGTON, Oct 16 (Reuters) - Japan and other countries facing the fallout from a soaring U.S. dollar found little comfort from last week's meetings of global finance officials, with no sign that joint intervention along the lines of the 1985 "Plaza Accord" was on the horizon.
......
U.S. Treasury Secretary Janet Yellen made clear that Washington had no appetite for concerted action, saying the dollar's overall strength was a "natural result of different paces of monetary tightening in the United States and other countries."
......
With no current U.S. interest in engineering that kind of deal, other countries have to find ways to mitigate the pain stemming from a strong dollar, which has forced some emerging economies to hike interest rates to defend their currencies even at the cost of cooling economic growth more than they want.
More at: https://www.reuters.com/markets/asia/g7-...022-10-16/
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