Encore faut-il qu'ils en aient besoin et ne se contentent pas de quantitive easing pour compléter leur épargne intérieure. Mais avec 2% de taux d'épargne désormais, ça ne devrait pas pouvoir continuer longtemps...
|Sure You Will Japan...|
|The Market Ticker, Karl Denninger, 16/09/2010 (traduire en Français )|
"We will continue to take decisive action if needed" to curb the yen's rise, Prime Minister Naoto Kan said at a meeting of business leaders. His comments came a day after Japan intervened in the currency market by selling yen and buying dollars for the first time since 2004.
Uh huh. It didn't work in 2004 and it didn't work the other times you tried it either.
Of course the bigger issue is that if it does work, you risk collapsing your bond market.
See, JGBs return nothing. Therefore, the only reason to buy them is to use them as collateral for a carry trade, or to earn your return via currency appreciation rather than coupon.
But both playing the carry and the currency appreciation argument only work if, surprise-surprise, the currency appreciates.