France played a decisive role in shaping not only the euro system but the entire European project. This history has predisposed French leaders to the goal of preserving the euro at all costs. Those costs, as we explained in Part 1 of this article, have become quite insupportable. A new strategy is needed, and France’s role in shaping it will once again be pivotal.
Asian Development Bank President Takehiko Nakao comments on the yen and Japan’s monetary expansion. He spoke in a press conference at the lender’s annual meeting in Noida on the outskirts of New Delhi.
The Bank of Japan’s move to expand monetary easing may trigger “an avalanche” in the yen as Japanese put money elsewhere in anticipation of sustained currency depreciation, billionaire investor George Soros said.
The largest emerging markets, whose economies grew more than four-fold in the past decade, are making losers out of everyone from central bankers to Procter & Gamble Co. as their currencies post the biggest declines since at least 1998.
Asian stocks rose, with Japanese shares surging to the highest closing level in 4 1/2 years, after the Bank of Japan’s new governor announced unprecedented monetary easing to end two decades of economic stagnation.