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

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.