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Article: Japan's subtle subsidy.(COMMENTARY)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- December 5, 2005
CopyrightCOPYRIGHT 2005 The Washington Times LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: J.T. Young, SPECIAL TO THE WASHINGTON TIMES
The administration's report last week on international exchange rate policies again raised the issue of currency manipulation. This subtle subsidy allows nations to influence export and import prices as effectively as payments or tariffs, but without obvious intrusion into each transaction.
U.S. concerns over currency manipulation have focused on China. But Japan has been a culprit longer, is a greater threat to U.S. manufacturing interests, and its currency has depreciated 8 percent against the dollar in just the last two months. In the practice of the subtle subsidy, no country has been more subtle or ...