The United States, Europe, and Japan planned an intervention plan to rescue the dollar during its sharp decline in March, at the time of the collapse of the American investment bank Bear Stearns. The Japanese business newspaper Nikkei reports that this plan was agreed upon over the weekend of March 15-16.
Analysts emphasize that, although the rescue plan was not implemented, its mere existence is very important in case of a new decline of the American currency or any sudden movement of another currency in the future. Officials did not specify the levels that would trigger the implementation of the rescue plan, but they agreed on coordinating aggressive buying of dollars and selling yen and euros in the event of a sudden sharp decline in the value of the American currency. (HTV)
