The China Summit: Can This Yen Be Saved?
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The promises all sounded familiar. Which means that Rubin's latest gambit could prove little more than a stopgap. Rubin told TIME, "This is a very complex set of issues that will now take some time to work out." U.S. Deputy Treasury Secretary Summers, in Tokyo late last week to follow up on the deal, indicated that the U.S. is prepared to support the yen again if necessary, while the Japanese hinted that they would announce still more reforms. Otherwise, cautions John Lipsky, chief economist of the Chase Manhattan Bank, "it's inevitable that traders will test the yen's strength again." And soon.
--With reporting by Hiroko Tashiro/Tokyo and Jaime A. FlorCruz and Mia Turner/Beijing
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