THE SWISS CHANGE THEIR MINDS
“The Japanese have failed to create an international yen market,’ was the dismissive opinion of one Swiss syndication chief when asked by Euromoney about progress in the Euro-yen market only a few months ago. “They did not deregulate enough in a year [1985] when the dollar fell and I think they deliberately sabotaged the market with over-aggressive deals–to keep foreigners out.’
A crude conspiracy theory, perhaps, but one commonly held among bankers.
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