Japan Unveils $100 Billion Effort to Cope With Yen
August 24th, 2011Alternate headline: Japan Willing to Break Its Own Back to Remain Strapped to the Mast of the Sinking USA.
Via: Bloomberg:
Japan unveiled a $100 billion effort to help companies cope with a surging yen, signaling that officials may be resigned to the currency remaining high.
The government will release foreign-exchange reserves to the Japan Bank for International Cooperation for funding to aid exporters and spur purchases overseas, Finance Minister Yoshihiko Noda told reporters in Tokyo today. JBIC, as the lender is known, is a state-run export credit agency.
Related: Japan Rating Downgraded by Moody’s
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