zerohedge.com / By Tyler Durden / February 18, 2013, 12:42
the 40 years or so since the end of the Bretton Woods system, we have
seen competitive devaluations occur again and again. However as SocGen
notes, it appears Japan just keeps coming out on the losing side. Based
on Real Effective Exchange Rates (REER), Japan’s currency is 80% stronger now than in 1971 while the US (and South Korea interestingly) are about 40% weaker.
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by John Daly, Oil Price:
While the Western press is fixated on both recent North Korean nuclear
tests and Beijing’s recent skirmishes with Japan over the Senkaku
(“Diaoyu” in Chinese) islands, other maritime issues have developed
further south, where China is involved in sovereignty disputes over the
Spratly islands’ 750 islands, islets, atolls, cays and outcroppings with
the Philippines, Taiwan, Vietnam, Malaysia and Brunei.
Beijing is bolstering its claims with ancient Chinese maps, despite
the 2002 “Declaration on the Conduct of Parties in the South China Sea,”
designed to ease tensions over the archipelago.
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