A yen for action: the Bank of Japan should cut interest rates and the Fed should raise them.(Editorial)
Economist (US), The, March, 1995
The US can stave off inflation by tightening its monetary policy and raising interest rates again. It can afford to do so because interest rates are still at historical lows, and the dollar needs to be raised. A decline in Japan's interest rates will stimulate the economy from its present decline.
EACH time the dollar hits new lows against the yen, or the European exchange-rate mechanism strains at its seams, up pops a politician to call for internationally co-ordinated action to stabilise currencies. The latest is Jacques Santer, president of the European Commission. Will he and his kind never learn? The difficulties of achieving exchange-rate stability within Europe are formidable enough. They are as nothing compared with the challenge of stabilising the D-mark's...
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