freetoearnblockchaingames|美国前财长萨默斯：即便日本以目前的规模对日元进行干预最终也会失败

Decor 2024年05月04日 12:17 16 editor

Lawrence Summers, former US Treasury Secretary, said currency intervention was ineffective in changing exchange rates, even with recent large-scale Japanese interventions. "given the sheer size of the capital markets, I think the evidence is quite clear that intervention does not work-even given the scale of Japanese intervention," Mr Summers said. At the same time, Mr Summers suggested that the yen had become stretched.

The yen may be carried out by the Japanese authoritiesFreetoearnblockchaingamesAfter two rounds of intervention, it moved towards its best weekly gain against the dollar since 2022. Policy makers may have spent about Y9tn intervening this week, equivalent to nearly $60 billion at current exchange rates, according to an analysis of BoJ accounts. The yen fell to its lowest level since 1990 on Monday before Japan's move.

Summers also hinted that the yen had reached a level of tension.

"countries tend to intervene when their exchange rates are very far from normal levels," and when that happens, "they sometimes rebound."Freetoearnblockchaingames"so I don't want to take it for granted that the yen will depreciate further from its current level," he said. It could go in any direction. "

Mr Summers himself ran the US Treasury in the 1990s and 2000 and occasionally led currency interventions. At that time, the G7 stepped in to support the euro.

freetoearnblockchaingames|美国前财长萨默斯：即便日本以目前的规模对日元进行干预最终也会失败

"if the yen does appreciate, I would attribute it more to a 'sudden reversal' than to thinking that the intervention has worked," Summers said.

He also said that many observers failed to grasp the push of the exchange rate on the decline in US inflation.

"the dollar is very strong now," and "the dollar is not only strong, it is also getting stronger," he said. "this has brought a downward inflationary tendency to the US economy."

He cautioned that the impact could abate, increasing the Fed's challenge of pushing inflation back to its 2% target.