They point out that because this country's government bond yields are held down artificially, carry trades aimed at the gap between domestic and foreign rates have ballooned, carrying excessive volatility into other countries' sovereign debt markets. Central bankers from every country could not hide their deep concern that the market's distortion is crossing borders and spreading. (N1 lesson 24)
Yes. Conditions for issuing debt on the ground are worse than companies' earnings reports suggest. The market clearly reflects financial institutions moving to shrink their risk assets, and I cannot help feeling deep concern at these omens of a broad credit crunch that could drag in the real economy. (N1 lesson 49)
Yes. Unless we speak frankly tonight and argue out the essentials, there is no way we can reach consensus: the adoption of tomorrow's joint communique. With market participants all over the world watching with bated breath, I cannot help feeling an indescribable pressure at the weight of the responsibility to break this historic impasse. (N1 lesson 130)
The wording the authorities had pressed hard for, that "excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability", has been formally approved, unanimously. I cannot help feeling deep respect and admiration at winning this historic revision of the wording. (N1 lesson 79)
