2013-01-24 - Is a currency war brewing

2013-01-24 - Is a currency war brewing - Is a currency war...

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Is a currency war brewing? By Brian Milner January 24, 2013 – The Globe and Mail Talk of stick-it-to-your-neighbour currency wars has intensified dramatically in recent days as a growing number of central banks pursue policies to revive flagging economies that directly affect the value of their curren- cies. The question is whether this is just a lot of smoke or the first warning shots ahead of open hostilities. The latest flashpoint involves the Bank of Ja- pan and its setting of a higher inflation target of 2 per cent, backed by open-ended monetary easing. New Prime Minister Shinzo Abe has made no secret of his determination to combat crippling deflation and to bring down an over- valued yen to boost exporters’ flagging for- tunes. Both are key elements of an economic strategy that also involves a heavy dose of fis- cal stimulus. The Japanese central bank’s quick adoption of the new measures has aroused concerns that its cherished independence is being eroded.
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