An Uphill Struggle To Tether The High Flying Yen

While the financial markets have been obsessed with currency turmoil in Europe and the attempts of the French to defend the franc, another drama in the currency arena has been unfolding away from the spotlight. Economist David Hale of Kemper Financial Services Inc. points out that foreign central banks have added $35 billion to their holdings of Treasury securities so far this year, with most ef the increase occurring since April.

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