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UBS On-Air: Paul Donovan Daily Audio 'How to conduct monetary policy'
Published 2 weeks, 5 days ago
Description
Japan’s Ministry of Finance seemingly intervened in foreign exchange markets in defense of the yen. Such attempts to prop up a currency’s level only work in the long term if the weakness was caused by speculation, or if the temporary respite is used to correct the fundamental economic drivers of the weakness. This may have been more about the pace of weakness than any specific level.