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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/

Logically speaking, the US is not wrong in insisting on its own course of action. It is already struggling to bring down inflation and faces  a host of its own economic challenges, Janet as a US cabinet minister is obligated to do whatever she can to help navigate the US through such turbulent times.

The rest of the G6 countries are the ones who have unrealistic expectations - what they mean by cooperation and concerted action is nothing more than a demand/expectation that US should imperil its own well-being by abandoning its own policies in order to bail them out of their own mess.