James Turk''s ''Eight Reasons to Ignore the New Central Bank Gold Agreement''

Section:

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=4581018

WASHINGTON, March 16 (Reuters) -- Foreign exchange
intervention can be a useful short-term policy tool but
cannot truly manipulate the world's three major currencies
because of vast global capital flows, Japan's top financial
diplomat said on Tuesday.

Haruhiko Kuroda, special adviser to Japan's Prime Minister
Junichiro Koizumi, told a Washington forum on the
economic relationship between America and Asia that
Japan was addressing specific domestic policy concerns
through its currency interventions.

"We are still in a deflationary situation. Prices are still
declining. ... We are really concerned about the price
implications of the yen appreciation at this stage and in
order to avoid excessive appreciation, we have been
intervening," Kuroda said.

A report in the Nihon Keizai Shimbun financial daily
published during New York trading hours on Monday
said the Bank of Japan was eyeing an exit strategy for its
yen-weakening moves in currency markets. But officials
sought on Tuesday to dampen such speculation.

Finance Minister Sadakazu Tanigaki told reporters earlier
on Tuesday there was no change in Japan's basic stance
on foreign exchange.

"With the three major currencies (dollar, yen and euro) ...
they are almost impossible to control or target," Kuroda
said in the Washington panel discussion on currencies.

"From time to time, foreign exchange market intervention
can be effective, particularly when authorities express
some serious signal to the market when there may have
been some misunderstanding of the intention of the
authorities. The other (occasion) is if the intervention is
not sterilized. That would tend to have more impact on
the foreign exchange rate and the economy," Kuroda
said.

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