To whom,
I think that actually Japanese fiscal inervention will be of little
use because of the expectation that Japanese will simply save the money.
Japan will have to raise intereset rates significantly to get back on track.
It will really hurt them, but it
It most definitely is very Keynesian, and lots of even
Establishment analysts who are running around selling intro
textbooks with no Keynes in them recognize this and are
browbeating the Japanese to indulge in old-fashioned
Keynesian fiscal policy expansion.
However it might not work,
In a message dated 98-04-15 17:12:39 EDT, you write:
<< Finally we have a Hashimoto government whose posture generally seems to be
that tax cuts plus *monetary easing* (not exactly the world consensus
recommendation) will produce the necessary growth to solve the problem.
Meanwhile they are a
Boddhi,
Have commented on BOJ elsewhere. I agree that causing
a rise in US interest rates may be counterproductive to the
effort to prop up the yen. But then any such intervention
has that effect. I don't know if BOJ has liquidity needs
as you suggest, but it is not impossible.
As
C. Rosser,
How do stock buy-backs protect against raids? I didn't think they
dilute the voting rights of shares.
On Japan, I think we have to take the 12 billion dollar bill sale
by the BOJ as a warning. It raised interest rates counter-productively to
C. Hecht,
Sorry to take so long responding. First, you can address me by my
Internet handle "boddhisatva", any portion thereof, or any other name you
care to, but my name is not "Bevans" or "Kevin".
Today the G7 governments said that they would not make a
This is not a full response, but a note on yesterday's
development that some of us have been mumbling about for
some time. The Bank of Japan unloaded the largest single
sale of US T-bills ever at one time, over $12 billion
worth. It actually shook US interest rates a bit. Went
through
To whom should I address this note - Is it "Kevin" Bevans or just Boddi
Bevans?
Anyhow, I've enjoyed your comments about the Japanese situation.
In the Sunday NYTs "Week in Review" there is a chart showing the Dow (up +800%
since 1980) vs. the Nikkei (up about 180%). The author, David Sanger,
s
4/13/98, boddhisatva wrote:
>It might be interesting to speculate what interests would be
>served by a move against the Yen. ... In
>general such a move would "teach a lesson" to the Japanese about the
>"superiority" of the American way of doing business. A big down move in
>the Yen
To whom,,,
As of this very late hour it seems that the Bank of Japan (BOJ)
may again have intervened to support the Yen against the dollar as is did
on Thursday and Friday. Light trading may mean the intervention is not
heavy, but it remains to be seen what happen
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