Japan has spent a record amount in order to intervene with the country’s economy as they stemmed the gains of the yen on August 4, based on the predictions of deposits held by financial institutions at the Bank of Japan.
The central bank has calculated that deposits went up to 32.3 trillion yen or $412 billion. This means that the government was able to makes 4.5 trillion in sales, which is a record high, in order to stop the yen from pushing to its strongest level, according to Yuichi Takahashi, who is a market economist from the Totan Research Co in Tokyo.
Japan took the same steps as did Switzerland in order to stem their soaring currency exchanges this week, as they sold the yen and promised to push 10 trillion yen in liquidity. According to Yoshihiko Noda who is the Japanese Finance Minister, they will carry on observing the market as the yen recovers from its post intervention low.
According to David Rea from Capital Economics Lts, “The latest yen sales may herald an extended period of interventions. The intervention hasn’t really made a great deal of difference in the value of the yen because of the underlying factors -- fundamentally risk aversion and safe haven demand.”
The yen was recorded at 78.65 for every US dollar in the afternoon in London yesterday, from its previous 80.24 on August 4. It was at its strong level at 76.30 on August 1, which is considered its closest to the post war high of 76.25.
Tags: risk aversion, august 4, Finance Minister, financial institutions, david rea
I live in ARkansas and the answer is yes. He not only made it a "safe haven" he also pushed to reward illegals and their children. He fought a bill that would require people to prove that they are legal in order to vote and to receive $ from the state. He seems to think that to do less is racist. So, if he is elected I expect for him to push for amnesty.
I have a friend who worked for the state and she said it was sad. Ablebodied Illegals would come in and get hundreds of dollars from the state but little elderly widows who were lifelong American citizens could only get $25. It isn't fair or right. If American money goes to help anyone it should be used for legal American citizens who have paid taxes their whole life, not for those who come here illegally to take advantage of us and the system.
http://www.cbsnews.com/stories/2007/11/28/politics/main3547964.shtml