Suzuki: It's Difficult to Gauge the Effects of Russia's Defaulting on its Debt

Shunichi Suzuki, the finance minister of Japan, stated on Tuesday that it was "a little difficult" to assess with certainty the current economic effects of Russia's debt default.

June 28, 2022 - 12:22 PM 261 views

Suzuki: It's Difficult to Gauge the Effects of Russia's Defaulting on its Debt

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© Suzuki: It's Difficult to Gauge the Effects of Russia's Defaulting on its Debt

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Shunichi Suzuki, the finance minister of Japan, stated on Tuesday that it was "a little difficult" to assess with certainty the current economic effects of Russia's debt default.

Important Quotes

"Russian investments as a percentage of Japan's total foreign bond holdings are small."

Japanese investors, especially financial institutions, are anticipated to suffer only minor direct losses as a result of moves in Russian government bonds.

Separately, Japan's Chief Cabinet Secretary Matsuno declared that the reward scheme for homes that conserve energy will begin in August.

The Market Reaction

Markets are seeing a new wave of risk aversion as they reevaluate the effects of tighter monetary policies and the recent sanctions against Russia. The USD/JPY pair is currently trading at 135.19, down 0.16 percent so far, and is decreasing in step with Treasury yields.

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