Shirakawa: currency appreciation not panacea for inflows
Masaaki Shirakawa, the governor of the Bank of Japan, on Tuesday said currency appreciation is not necessarily an effective solution to capital inflows in emerging markets as a result of the zero interest rate bound.
Speaking at an event in Hong Kong, Shirakawa said: "Allowing the currency to appreciate may help to deter capital inflows, but if inflationary pressures were suppressed by such currency appreciation, the low interest rate period may be extended owing to the apparent stable price
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