On Monday, October 27, 2008 group of seven nations warned the surging yen posed a threat to financial and economic stability. The latest coordinated effort made by the world’s richest nations for controlling the worst financial crisis in 80 years.
Spread of signs the crisis were continuing clearly across the world with South Korea gashing interest rates, Australia was intervening in the currency market, Gulf Arab oil producers urging quicker monetary union and International Monetary Fund bailing out in Hungary and Ukraine. In last week, slash of interest rates to almost certain level along with Federal Reserve and central bank action may be more widespread.
Inflation will come down in next few months and this gives scope to all monetary authorities including Bank of England, round the world to make a decision about the interest rates. More than 3 percent down in MSCI’s main stock index and is closing in on a 50 percent loss for the year. Its emerging markets counterpart is touching four-year low with 4 percent down.
With combination of financial crisis and global recession, financial markets are continued to react sharply.
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