That's probably good, all things being equal, for emerging markets, not bad, even though it may not be great for all their currencies.
The economic union - creating a big common market, like the United States, so that you can compete across borders. There are common rules, regulations, and simplification, and that is still a good reason, too. When they put their monetary union together, that created a rigidity that made it hard for currency fluctuations. They don't really have a solution to that.
There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.
Manipulating currencies is when you're going into the marketplace and buying something in large amounts to depress the value of the currency.
We take smaller companies and middle-sized companies, all around the world, and we do currency exchange for them; we raise bonds and equities for them; and we do inventory finance, trade finance, and custody of assets.
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