The yen weakened againstall majors as risk appetite grew across the globe with the Bank of Japan looking the least likely to normalize policy in light of the recent damage to its economy.
There is always the temptation to leave interest rates low just a bit longer to avoid choking off growth, and after previous downturns the European Central Bank was duly berated on all sides when it moved against a perceived risk of inflation.
All of these actions must be balanced against the increased risk to information security, particularly as it relates to cloud computing and mobile technologies.
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They are less likely to own stocks and shares than Americans, even though some are assiduous savers against a rainy day (three-quarters of all French household financial assets are free from capital risk).
But the regulators all acknowledged that the financial system is still exposed to risk, and Steel said there was no guarantee against future problems like the one that befell Bear Stearns.