Japan's Stance on the US Dollar's Global Dominance

In a recent statement, Ryosei Akazawa, Japan's Economic Revitalization Minister, underscored the enduring strength of the United States dollar as the foremost global reserve currency. This declaration comes amidst global financial uncertainties and highlights Japan's confidence in the dollar's stability.

No Repeat of the 1985 Plaza Accord

Akazawa also dismissed the likelihood of a recurrence of the 1985 Plaza Accord, an agreement among major economies to collectively weaken the dollar. He further elaborated that Japan does not anticipate receiving requests from the US to intervene in currency markets to bolster the yen, given the current financial landscape where the dollar might face selling pressures.