Japan Warned over Holding down the Value of Yen to Gain Advantages in World Market
According to reports, the US has sent out warnings to Japan saying that the country should not hold down the value of their currency to gain any advantages in the world markets.
The warning came after the new government of Tokyo is trying to implement some stricter policies that aim at regaining the market growth. The US Treasury also criticized China over resuming large scale market interventions to hold down value of its currency, revealed a semiannual report on global exchange.
However, the US did not name China as a currency manipulator since it would have triggered problems in relations between the two super powers of the world. In the report it was mentioned that China allowed its currency to increase by 10% against dollar since June 2010.
And the increase was noted to be even more when inflation was considered but it also asserted that the currency needs to be made stronger further. The report also warned Japan about it policies regarding the currency.
"The Alliance for American Manufacturing continues to believe that countries like China and Japan will only take the U. S. government seriously if words are backed by action", avowed Scott Paul, the President of the trade group. He urged congress to pass then pending legislation over countries that manipulate currencies for trade.
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