La diplomazia del dollaro e i decenni perduti del Giappone

TOKYO – Uno spettro incombe sul regime dei tassi di cambio cinesi: la lunga disputa tra Stati Uniti e Giappone sul valore dello yen, iniziata negli anni '80 e terminata agli inizi degli anni '90. Tale disputa finì solo quando l'economia giapponese entrò nei suoi “decenni perduti”, cosa che spinge i Cinesi a cercare di non ripeterne l'esperienza.

Certo, la storia – in particolare la storia finanziaria – non si ripete mai esattamente. Ma i discorsi che si possono sentire oggi in merito al renmimbi sicuramente causano, almeno ai Giapponesi, un forte déjà vu.

Ora, come un tempo, il Congresso degli Stati Uniti è il punto focale della collera americana. Oggi sta infatti preparando per ritorsione una legislazione contro la Cina in risposta alle pressioni dei molti, negli Stati Uniti, che ritengono che un renmimbi artificialmente debole stia contribuendo agli squilibri globali, in particolare all'enorme deficit commerciale bilaterale americano. Molti sono anche frustrati dal fatto che il Tesoro degli Stati Uniti non abbia messo il Governo cinese alla berlina, definendolo un manipolatore della valuta.

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