Tanigaki: Currencies alone can't solve imbalances
Thu Jun 1, 2006 8:48pm ET
TOKYO (Reuters) - Japanese Finance Minister Sadakazu Tanigaki said on Friday countries should not rely just on currencies to address global imbalances.
"To rely only on currencies is not the right path to take," Tanigaki told a news conference. "Each country should focus on structural reforms, and (the G7 countries) have agreed on that."
Here is what Bloomberg says he said:
Currencies Alone Won't Fix Imbalances, Tanigaki Says (Update2)
June 2 (Bloomberg) -- Global trade imbalances shouldn't be addressed only by the adjustment of foreign-exchange rates, Japan's Finance Minister Sadakazu Tanigaki said.
"We would deviate from the right track if we depended on the adjustment of currencies alone" to correct lopsided flows of trade and investment, Tanigaki told reporters today in Tokyo. The Group of Eight nations "generally agrees it's important that each nation tackles the problems of its own economy."
But are not Reuters and Bloomberg cheating their readers out of Tanigaki's truly weirdly creative way of describing the world?
Here is what Asahi.com says are his actual words:
「王道を見誤ることになる」 --what in Tenjin's name does that mean?
"It would become a case of misjudging the royal road...if we were to simply rely on adjustments through exchange rates."
"Misjudging the royal road"?
Is it a quotation from the Chinese?