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Brazil Blasts Japan, South Korea and Taiwan for Currency War Print E-mail
by Tom McGregor    Thu, Sep 30, 2010, 10:13 AM

Brazilian Finance Minister Guido Mantega has warned that an “international currency war,” instigated by Japan, South Korea and Taiwan, is underway.

The BBC News reports that, ‘his comments follow a series of interventions by governments to weaken their currencies and boost export competitiveness. Japan, South Korea and Taiwan are among those that have recently tried to cut the value of their currencies.”

Mr. Mantega, in a speech, announced that the competitive devaluations were essentially a new trade war.

He told a meeting of industrial leaders that, “we’re in the midst of an international currency war. This threatens us because it takes away our competitiveness. The advanced countries are seeking to devalue their currencies.”

Meanwhile, Mr. Mantega has been attempting to talk down the value of the Brazilian real.

According to the BBC, “the currency is at a 10-month high against the dollar, and has been described by analysts at Goldman Sachs as the world’s most overvalued major currency.”

The $70 billion share offering last week by state-oil corporation Petrobas has added to a huge surge of dollars into Brazil that is attractive to foreign investors due to high interest rates and its rapid economic growth.

Mantega disclosed that the nation still had an “arsenal” of tools available to devalue the real, even though he did not explicitly discuss intervention to weaken the currency.

To read the entire article from the BBC News, link here:

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Comments (3)add comment
written by Marshall , September 30, 2010

Maybe if Brazilian are less lazy and work harder they don't have to envy and complain other countries' export competitiveness. Taiwan, a tiny island that lacks any significant natural resources, exports more yearly than Brazil. Think about it.

written by Ryan T. , September 30, 2010

It's amazing how much Tom McGregor hates Korea and the effort he puts into spreading hate.

written by rufuslevin , October 02, 2010

Obama must like that currency devaluation stuff...he is busy making the US Currency worth less and less every day. Soon maybe we will be as powerful as Japan, South Korea, and Taiwan.

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