Bernanke Says Japan Not Manipulating Currency

U.S. Federal Reserve Chairman Ben Bernanke struck a positive note Wednesday about Japanese economic measures amid the depreciation of the yen, dismissing the view that Japan is manipulating currency through its stimulus steps.

“They’re not manipulating their exchange rate. They’re not directly trying to set their exchange rate at a given level,” Bernanke told the House of Representatives Financial Services Committee.

Bernanke said the Japanese government is engaging on strong domestic monetary policy measures, “trying to break the deflation they’ve had for about 15 years.”

The U.S. central bank chief also said the matter has been discussed at sessions of the Group of Seven major nations and the Group of 20 economies.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza