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It seems that the currently observed strengthening of US dollar is coming to its end. The failed policy of monetary inflation, so thoroughly conducted in Japan for the last three years, brought nothing but rotten fruits – price inflation is significant, trade deficit is persistent, GDP is contracting. At least the encumbent government had enough integrity to call for new elections. Will it lead to change in course of monetary policy of BoJ? Hopefully, yes. At least, the acknowledgment of humongous faults in current policy was demonstrated. New policy, provided it is new in its essence, not just the same stuff done by new people, would mean inexorable strengthening of yen against wide swath of currencies. It would be reasonable to assume that US dollar will begin its imminent fall not only against JPY, but also against EUR, CHF, all commodity currencies and maybe even against yuan.
The failed experiment in Japan has demonstrated that printing money does not bring prosperity, let`s see if other central bankers have learned the lesson.
The failed experiment in Japan has demonstrated that printing money does not bring prosperity, let`s see if other central bankers have learned the lesson.
