Benn Steil


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Can the G7 Stabilize the Yen?

October 27, 2008

The G7 has expressed concern over the implications of excessive yen volatility for financial and economic stability, but fell short of promising coordinated action. The graph above illustrates the extreme nature of the yen’s rise. For example, the yen has appreciated 22% against the euro and 35% against the Aussie dollar in the last month alone. The G7 may have to intervene in foreign currency markets to restore stability.

Wassener, Sang-Hun: G7 Meeting Tackles Yen’s Rise
Nakamoto: G7 Warns on Yen Volatility
Froymovich: Yen’s Surge Raises Alarms
Rowley, Hall: Yen Keeps Rising
Editorial: Yen Caught in Carry-Trade Turmoil

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