Swan at the G20 meeting:
“Market-based exchange rates, fiscal and monetary policies supporting jobs and growth; that’s the core of the G-20 agenda,” Swan said in a Bloomberg Television interview yesterday. “To have people artificially target their exchange rates completely repudiates that approach.”
Then he falls into line:
“The Japanese approach is one to stimulate their domestic economy. That is also good for the global economy.”
Australia is a minnow on the world stage, and Japan is Australia’s 2nd largest trading partner. No wonder he toed the G20 line.
Bloomberg article, if you want to read more.
