BOJ's Muto on the dynamism and diversity of Asia
``Some Asian currencies like the Indonesian rupiah came under pressure when oil prices reached record highs this August,'' he said in the speech in Tokyo. ``However, the economic fundamentals of most Asian countries are much stronger than in the 1970s when they were hit by the worst oil market turmoil ever.''
Asian countries responded swiftly this time around by raising interest rates or slashing public fuel subsidies, he said. ``These prompt actions have helped them minimize potential disruptions to their economies.''
Ongoing reforms of the Chinese currency system could lead to substantial changes in the ``monetary landscape'' between Asia and the U.S., Muto said at the annual joint meeting of Japan-U.S. Southeast Association forum in Tokyo.
Remarks by Toshiro Muto Deputy Governor of the Bank of Japan at "Emerging Opportunities in the Global Economy" the 29th Annual Joint Meeting of Japan-US Southeast Association and Southeast US-Japan Association Tokyo on October 17, 2005.
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