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Markets  |  February 18, 2013 18:48:23

Significant personnel changes on the global financial stage

Next month, there are changes in the position of chiefs of central banks of China and Japan. Personalities that get on these vacancies, undoubtedly affect other global developments.

Governor   Chinese  Central Bank leaves after 10 years as it has not been again in November of last year, re-elected to the Central Committee of the Chinese Communist Party. The Governor of the Bank of Japan resigned a few days just a month before the expiry of the five-year term, after his term of office does not want the newly elected Japanese Prime Minister.

Although the official reasons are pretty thing. Unofficially, I will come but it's a result of worse-than-expected performance of the economies of both countries, China, the strengthening of market influences on the yuan exchange rate and consequently the development of the economy as a whole.We'll see what policy comes with its successor.

In Japan   is the reason for the resignation BoJ Governor disagreement with expansive policy of job creation and the cost of increasing inflation targetAccording to him deflation magically end. I wonder whether the current prime minister appoints pliable governor willing to sacrifice the value of the yen end deflation or not.

Even if such a minister found direct action towards weakening the yen is not easy to apply. At a recent meeting of finance ministers and representatives of the central banks of the G20 countries in Moscow it was decided thatindividual countries will not   influence exchange rates   due to the enhancement of competitiveness of their own countries. With the development of yen into the center of attention in Moscow came to Japan. Here, however, the Japanese leaders defended decline yen, which called only by-product of their policies to support the economy.

Anyway, we have to realize that the correct policies of China and Japan may occur. With all the consequences.

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Významné personální změny na globální finanční scéně

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