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PAM Institutional Investment Focus - October 2010

05 November 2010

Protectionism or co-ordinated action to improve world economy?

"We're in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness."

Guido Mantega, Brazil's finance minister, September 2010

Plaza Accord agreement 1985 still haunts Japan

It is 25 years since the leaders of the G-5 developed world economies (United States, Japan, United Kingdom, Germany and France) met in New York and agreed action to depress the value of the dollar in order to tackle a massive US trade deficit. The two years following this Plaza Accord, saw the dollar fall by nearly 60 per cent against the yen and by some 45 per cent against a basket of the other participant currencies. (...)

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