Rising Yuan In The Land Of Setting Yen
The directors of the International Monetary Fund and the World Bank return to Tokyo this week for their annual meetings after a gap of 48 years. It’s a different Japan. The ageing of the host nation, the rise of China, the “shift” of the epicentre of global growth to mainland Asia, in more ways than one, have subdued what was in 1964 —when the Fund and Bank last met here — the “land of the rising Yen”. The “shocks” administered to the global economy by the recent trans-Atlantic financial crisis have further accelerated these “shifts”, and the Yuan now rises where the Yen once shined.