Excerpt from: Forex News
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| June 12, 2009 | | Japan has "unshakable" confidence in the U.S. dollar | Recently, China (and to some extent Russia) has been expressing concerns about the stability of the U.S. dollar and the value of U.S. debt. China has been making noises about diversifying out of U.S. assets and increasing its returns through other means.
However, the U.S. got a boost with the release of an interview in which the Japanese Finance Minister, Kaoru Yosano, expressed his nation's continued confidence in the U.S. dollar. Bloomberg reports on Yosano's remarks:
“We have complete trust in the fact that the U.S. views
its strong-dollar policy as fundamental,” Yosano said in an
interview in Tokyo on June 10 before attending the G-8 meeting
of finance ministers in Italy. “So our trust in U.S. Treasuries
is absolutely unshakable.”
The publicity surrounding the remarks has helped the U.S. dollar in forex trading, sending it higher as it remains likely that the greenback will retain its superiority as the world's reserve currency -- at least for a little while longer.
| Topic Tags: dollar forex trading, forex trading, G8 meeting, greenback, U.S. assets, U.S. dollar, Yosano | |
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