[Marxism] Japan to use Forex Reserves to help corporations
sartesian at earthlink.net
Fri Mar 6 15:48:19 MST 2009
>From the FT 3/4
...The ministry of finance said it would lend Y500 billion ($5.1 billion) of Japan's forex reserves to the Japan Bank of International Co-operation. It will use the funds to help companies meet overseas funding needs ahead of the end of the fiscal year.
Kaoru Yosano, the finance minister, said..."The [downturn of the] economy is becoming increasingly server and it is necessary to take all possible measures to help companies get access to funds for their domestic and overseas businesses..."
Toyota, the world's largest carmaker, said yesterday that its US financing arm could seek dollar funds through the new programme to ease the impact of rising credit costs in the US, its largest market.
I think this what the holders of US debt instruments will be compelled to do in the attempt to keep their corporations, and trading relations, afloat. There is not going to be dumping of the dollar, or of US debt obligations in order to establish a new, or different, reserve currenchy.
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