US teasury secretary Jack Lew speaking from G7 meeting 20 May 2016
- meeting was successful because there was renewed commitment to refrain from competitive ccy deval and the need to communicate closely so there won't be surprises
And still no talk of ccy levels? Yea, right.
Senior US treasury official:
- it's very important that the commitments we made at G7, G20 on forex policy be adhered to
Ditto my comment above. btw can someone pass me a bigger ice bucket for my typing fingers please.lol
- there is no one size fits all to the right policy mix
- G7 came together to support Japan with fx intervention when disorderly conditions were seen after the March 2011 quake
- we need to distinguish the kind of disorderly moves after such crises from the kind of fluctuations in markets that "happen"
- when there are truly disorderly fx conditions you know it
Yep I could share a few war stories with this anonymous talking head. As long as he buys the drinks of course.
- we continue to believe that Japan has orderly conditions on fx
- rescheduling and fully compensating sales tax hike would be best choice for Japan's economy
Meanwhile USDJPY still underpinned at 110.35 but offers between 110.50-111.00 still a decent hurdle.
