- China To Japan: Hand Over The Senkakus Or Your Economy Gets It!
by Tyler Durden, www.zerohedge.com
Chinese Foreign Minister Yang Jiechi said Saturday that “Japan needs to face up to reality, and take real steps to correct its mistakes… so as to prevent a further escalation,” with regard the demand that Japan reverse its nationalization of the small islet chain of the Senkakus. In some of the strongest rhetoric yet, The Japan Times reports that the Chinese minister said Japan’s ‘single-handed’ actions so far have “caused great damage to China-Japan relations and undermined stability in the region,” and urged Tokyo to “make concrete efforts” to prevent fraught bilateral ties from spiraling out of control. As the reigns of control in China continue to be handed over (with Yang expected to become state Councillor for foreign affairs), we suspect the situation is far from resolved – especially with Shinzo Abe fighting a war on another front (that China is likely not pleased with either).
CNY-JPY exchange rate has devalued 28% in the last 6 months with the Yuan at its strongest against the Yen in 5 years…