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BOJ's Himino Calls for Holistic Approach on Global Monetary System
BOJ Deputy Governor Ryozo Himino called for a holistic approach to reforming the global monetary system as US-Iran war strains financial infrastructure. The Silicon Review reports on his Tokyo speech outlining four structural vulnerabilities. Bank of Japan Deputy Governor Ryozo Himino has called for a fundamental reassessment of the global monetary system, warning that the US-Iran war has exposed structural vulnerabilities that no single central bank can address alone. Speaking at the International Conference on Exchange Rates and International Finance in Tokyo, Himino argued that the current system designed in the post-Bretton Woods era is failing to provide adequate stability for cross-border capital flows and trade settlement. The BOJ's second-in-command outlined four specific areas requiring coordinated action: exchange rate volatility amplification, dollar funding strains in emerging markets, fragmentation of payment systems, and the lagging integration of digital currencies into the international monetary architecture. Himino warned that the closure of the Strait of Hormuz has exacerbated dollar liquidity shortages across Asia, forcing central banks to tap swap lines at unp...
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