BoJ’s Shirakawa warns of spillovers from emerging markets
Masaaki Shirakawa, the governor of the Bank of Japan, on Thursday warned further global imbalances could develop if emerging market countries continue to intervene in foreign exchange markets.
At a meeting in Tokyo, Shirakawa said: "If an emerging [market] country's foreign exchange system lacks sufficient flexibility and its foreign exchange rate is maintained at low levels compared with economic fundamentals, that could, together with the effects of capital inflows from advanced economies
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