Research (Česká spořitelna)
Currencies  |  February 13, 2013 09:42:25

Japan and Switzerland do not want to fan the currency wars


G7 responded to growing concerns about currency wars (recently mainly nourished by the aggressive policy of the Bank of Japan) by issuing a statement. Budgetary and monetary policy according to him, must not be to weaken the domestic currency. Both budgetary and monetary policy should be conducted in order to serve the home goal. According to his statement of Japan gives green light to continue its policy reflační (efforts to end fifteen years of deflation). Japanese Finance Minister in response to the statement directly said that his policy is directed only to end deflation and not to weaken the currency. However, Reuters quoted an unnamed official G7, according to which the declaration was motivated by the fear of strengthening yen.According to him, Japan is under pressure even at the G20 meeting in Moscow at the end of this week. Uncertain market reaction to the statement showed that investors and traders are not sure how to interpret it and take what you Know. It is therefore likely that the G20 communique spelling will further interpretation opinions G7.

Swiss central bank governor Jordan rejected the idea that his Swiss franc ceiling for strengthening Mixed currency war. He also said that he welcomes the recent weakening of the franc and expects that it will continue. Jordan also said that, in his opinion, no wars, no currency and monetary policy that major central banks are focused on solving domestic problems. According to yesterday's data Swiss retail inflation fell by 0.3%, which measures the SNB supports.

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