A former top Japanese foreign-exchange official said recent measures to support
the yen recall dynamics of the 1997–98 Asian Financial Crisis; he added Japan is
not in Thailand’s position then but the dynamics are alarmingly similar. He said
that unlike the 1990s—when the US, Japan and the IMF supplied dollars to shore
up Thailand’s reserves—this episode shows no sign of a shared major-economy
judgment or a G7 joint statement so far, and unusually the central bank has
played little role instead of coordinating with the finance ministry.
